INVESTMENTS IN AND ADVANCES TO AFFILIATES

Summarized Financial Information — The following table summarizes financial information of the Company’s 50%-or-less-owned affiliates that are accounted for using the equity method (in millions):



	Nine Months Ended September 30,
50%-or-less-Owned Affiliates	2015		2014
Revenue	$	496	$	716
Operating margin	118		159
Net income	193		89

Silver Ridge Power — On July 1, 2014, the Puerto Rico solar business, Solar Power PR, LLC, was distributed by Silver Ridge Power, LLC (“SRP”) to AES and Riverstone Holdings LLC and was accounted for as an equity method investment. On July 2, 2014, the Company closed the sale of its 50% ownership interest in SRP for a purchase price of $179 million, excluding the Company’s indirect ownership interests in SRP’s solar generation businesses in Italy and Spain (“Solar Italy” and “Solar Spain,” respectively). The buyer also had an option to purchase the Company's indirect 50% interest in Solar Italy for an additional consideration of $42 million by August 2015. The buyer exercised its option to purchase Solar Italy on August 31, 2015, and the sale was completed on October 1, 2015. See Note 21—Subsequent Events.

Solar Spain — On September 24, 2015, the Company completed the sale of Solar Spain, an equity method investment with 31 MW peak capacity. Net proceeds from the sale transaction were $31 million and the Company recognized a pretax gain on sale of less than $1 million.

Guacolda — On September 1, 2015, AES Gener and Global Infrastructure Partners (“GIP”) executed a restructuring of Guacolda that increased Guacolda’s tax basis in certain long-term assets and AES Gener’s equity investment. As a result, AES Gener recorded $66 million in net equity in earnings of affiliates for the three and nine months ended September 30, 2015, of which $46 million is attributable to The AES Corporation.

On April 11, 2014, AES Gener undertook a series of transactions, pursuant to which AES Gener acquired the interests that it did not previously own in Guacolda for $728 million and simultaneously sold the ownership interest to GIP for $730 million. The transaction provided GIP with substantive participating rights in Guacolda and, as a result, the Company continues to account for its investment in Guacolda using the equity method of accounting. The cash outflow for the acquisition was reflected in Acquisitions - net of cash acquired and the cash inflow from the sale of these ownership interests to GIP is reflected in Proceeds from the sale of businesses, net of cash sold on the Condensed Consolidated Statement of Cash Flows for the period ended September 30, 2014.

Entek — In September 2014, the Company executed an agreement to sell its equity interest in AES Entek. The sale was completed in December 2014. See Note 16—Other Non-Operating Expense for further information.