Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Event [Line Items]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

Chile Renovables SpA — On July 15, 2021, AES Andes completed the sale of a 49% ownership interest in Chile Renovables SpA to Global Infrastructure Partners. AES Andes will remain the controlling shareholder with a 51% ownership interest in the renewable energy facilities in Chile. As part of the transaction, Chile Renovables SpA will acquire several of AES Andes’ SPVs for a total consideration of $441 million which will be received as the projects reach COD. On July 29, 2021, Los Cururos was contributed to Chile Renovables SpA and AES Andes received $53 million of the aforementioned consideration.

Parent Company Notes Exchange Offer — On July 19, 2021, AES offered to exchange up to $800 million of the new registered 1.375% Senior Notes due 2026 for up to $800 million of the existing unregistered 1.375% Senior Notes due 2026 and up to $1 billion of our new registered 2.45% Senior Notes due 2031 for up to $1 billion of the existing unregistered 2.45% Senior Notes due 2031. The terms of the new notes are identical in all material respects to the terms of the old notes; except that the new notes have been registered under the Securities Act of 1933, as amended and the transfer restrictions and registration rights relating to the old notes do not apply to the new notes. The offer is expected to expire on August 18, 2021 unless it is extended.

Guacolda — On July 20, 2021, AES Andes completed the sale of its 50% ownership interest in Guacolda, a coal-fired plant in Chile, for $34 million. See Note 6—Investments in and Advances to Affiliates for further information.

New York Wind Acquisition — On July 30, 2021, AES Clean Energy Development, LLC entered into an agreement to acquire Cogentrix Valcour Intermediate Holdings, LLC for cash consideration, subject to customary purchase price adjustments, plus the assumption of related non-recourse debt. The transaction includes operating wind assets spread across six sites and will complement AES Clean Energy’s existing operating and development solar and energy storage assets in the state of New York. The transaction is subject to customary regulatory approvals and is expected to close by the end of 2021.