AES on track for 2022 renewables contract targets, driven by United States market

• Energy technology company AES Corporation is still on track to reach its target of 4.5-5.5 GW in long-lasting renewables and also energy storage contracts in 2022, having actually currently signed 1,618 MW in the year to date, according the firm's Q2 economic report.

The power purchase contracts (PPAs) tattooed until now this year were driven by 1,250 MW of new contracts in the US. At the same time, the firm additionally signed 513MW around the world in the 2nd quarter.

AES has finished the construction or purchase of 390MW of PV projects in the United States and also the Dominican Republic to date in 2022, bringing the firm's pipe of projects to be finished to 10,468 MW. These projects, of which 3,792 MW are under construction as well as 6,676 MW have actually had PPAs authorized however have yet to begin, will certainly be finished approximately 2025.

" We do not expect any product hold-ups on 5.9 GW of stockpile projects in the US as a result of supply chain issues," claimed AES President and also Chief Executive Officer Andrés Gluski. "With expected development of greater than 75% in our set up sustainable capacity over the next four years, AES is well on its way to becoming a majority carbon free as well as bulk United States business by 2025."

AES reported adjusted profits of US$ 304 million or $0.34 per share for the 2nd quarter of 2022, according the Q2 report. This was contrasted to US$ 303 million or US$.31 per share in the Q2 of the previous year.

The US-headquartered company recorded a bottom line of US$ 136 million in Q2, up from its loss of US$ 77 million last quarter, in spite of attaining greater revenues.

The business has additionally reaffirmed its 2022 changed EPS assistance range of US$ 1.55 to US$ 1.65 as well as continues to expect an annualised growth rate target of 7% to 9% with to 2025, with 2020 as the base year.

The company reported a Diluted EPS of -US$ 0.27 in Q2 2022, contrasted to US$ 0.03 in Q2 2021, reflected mainly by gains in 2021. These 2021 gains consisted of the remeasurement of the firm's passion in sPower's advancement platform, Fluence's new share issuance, and early contract discontinuations at Angamos, Chile.

In June 2022, AES formed the United States Solar Buyer Consortium with three other leading solar firms to sustain residential production of crystalline silicon modules in the US, by committing to purchasing 6-7GW of US-made PV components each year.

In 2014, AES included more than 2GW of renewables as well as energy storage space to its portfolio. More than half of this capacity was deployed in the United States, with the remainder across Latin America.

And also last December, AES likewise introduced a "first-of-its-kind" synthetically intelligent (AI) robot to boost the rate, effectiveness and safety in building and construction of new solar projects. The robot, referred to as Atlas, was built in cooperation with Calvary Robotics.