ARLINGTON, Va., Dec 1, 2000 (BUSINESS WIRE) à‚– The AES Corporation (NYSE:AES) announced today that it has acquired 100% of KMR Power Corporation (KMR) in a stock-for-stock transaction valued at approximately $53 million.
KMR is a privately owned electric power plant developer and operator that has a controlling interest in three natural gas-fired power plants in Colombia, which have total capacity of roughly 600MW.
AES acquired in this transaction controlling interest in two gas-fired power plants located in Cartagena:
*100% interest in the 314MW TermoCandelaria power plant; and
*62% interest in the 90MW Mamonal plant.
The 62% interest in the Mamonal project includes the 28% interest formerly held by a subsidiary of the FPL Group Inc. (NYSE:FPL).
KMR also has an interest in the 205MW TermoValle plant located in Cali. KMR’s interest in TermoValle will be retained by KMR’s former shareholders.
Paul Hanrahan, Senior Vice President of AES, said, “We feel now is the right time to enter the Colombian generation market as the economy is showing strong signs of recovery. The thermal generating assets we have purchased from KMR will increasingly be relied upon to meet electric demand growth.”
Dennis W. Bakke, President and Chief Executive Officer of AES, stated, “We are delighted to make this investment in Colombia. Despite the difficult socio-political situation in Colombia, we believe that this is a country were AES can make a positive difference. The acquisition of the KMR businesses will give us an excellent start in serving these people.”
AES is a global power company comprised of competitive generation, distribution and retail supply businesses in Argentina, Australia, Bangladesh, Brazil, Canada, China, Dominican Republic, El Salvador, Georgia, Hungary, India, Kazakhstan, the Netherlands, Mexico, Pakistan, Panama, Sri Lanka, the United Kingdom, the United States and Venezuela.
The company’s generating assets include interests in one hundred and thirty seven facilities totaling over 49 gigawatts of capacity. AES’s electricity distribution network has over 920,000 km of conductor and associated rights of way and sells over 126,000 gigawatt hours per year to over 17 million end-use customers.
In addition, through its various retail electricity supply businesses, the company sells electricity to over 154,000 end-use customers.
AES is dedicated to providing electricity worldwide in a socially responsible way.
For more general information visit the web site at www.aesc.com or contact investor relations at firstname.lastname@example.org