Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Guacolda — In February 2021, AES Gener entered into an agreement to sell its 50% ownership interest in Guacolda, a coal-fired plant in Chile, for $34 million. The sale is subject to regulatory approval and is expected to close in the first half of 2021. As of December 31, 2020, the carrying value of the investment was zero. Pre-tax loss attributable to AES was $54 million and $88 million for the years ended December 31, 2020 and 2019, respectively. Pre-tax income attributable to AES was $11 million for the year ended December 31, 2018. Guacolda is reported in the South America SBU reportable segment.

AES Clean Energy — On January 4, 2021, the sPower and AES Distributed Energy development platforms were merged to form AES Clean Energy Development, which will serve as the development vehicle for all future renewable projects in the U.S. Pro forma information has not been presented as the impact of this transaction, individually and in the aggregate, was not material to our consolidated financial results.

Gener — On December 29, 2020, AES Gener commenced a preemptive rights offering for its existing shareholders to subscribe for up to 1,980,000,000 of newly issued shares to fund its renewable growth program. The period ended on February 5, 2021 and Inversiones Cachagua SpA, an AES subsidiary, subscribed for 1,347,200,571 shares at a cost of $205 million, increasing AES' indirect beneficial interest in AES Gener from 67.0% to 67.2%.