AES announces acceleration of future payments of $720mm from 2 long-term contracts

The AES Corporation announced that its subsidiary, AES Gener, reached an agreement for the early termination of two tolling agreements (PPAs) with the 558 MW Angamos coal-fired plant in Chile. Per this agreement, the PPAs will cease in August 2021. “As a result of this agreement, AES Gener is accelerating all future payments from two of its long-term coal generation contracts for a total of $720 million,” said Andrés Gluski, AES President & Chief Executive Officer. “This transaction also expedites the timeline of AES Gener’s decarbonization program, while providing additional funding for AES Gener’s current backlog of 2 GW of renewable projects.”

Source: PR Newswire