The AES Corporation (NYSE: AES) has recently announced that its wholly owned subsidiary, AES China Hydropower Investment Co. Pte. Ltd., has entered into an agreement to acquire a 49 percent interest in the Jianghe Rural Electricity Development Co Ltd. ("Jianghe Rural") joint venture. AES China Hydropower is acquiring the interest from the China Water Affairs Group (HK: 0855) for RMB 333.2 million (USD 48.8 million). Jianghe Rural includes six small hydro projects with a total capacity of 241 MW located in China’s Yunnan and Fujian provinces. Acquisition of 35 percent ownership was completed on June 3, 2010 and the transfer of the remaining 14 percent ownership, which is subject to approval by the Chinese government, is expected to occur by the end of 2010.

Jianghe Rural develops, constructs, and operates small to medium hydro projects in China. It was founded as a joint venture between China Water Affairs Group, an investor in water supply and treatment services in China, and the China Water Investment Group, a wholly owned subsidiary of the China Three Gorges Corporation that specializes in the development and operation of renewable energy projects in China.

AES China currently operates a 25 MW Cili hydroelectric power plant in Hunan province, and the Jianghe Rural small hydropower projects will increase its aggregate hydroelectric operating capacity to approximately 266 MW.

About AES China

In 1994, AES became one of the first US-based power companies to enter China and today operates nine facilities – coal, hydroelectric, natural gas, and wind — in seven provinces and municipalities with a total generation capacity of 2,723 MW (99 MW under construction). To learn more about AES China, please visit www.aeschina.com.cn.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global power company with generation and distribution businesses. Through our diverse portfolio of thermal and renewable fuel sources, we safely provide affordable and sustainable energy in 29 countries. Our workforce of 27,000 people is committed to operational excellence and meeting the world’s changing power needs. Our 2009 revenues were $14 billion and we own and manage $40 billion in total assets. To learn more, please visit www.aes.com.

SOURCE: The AES Corporation

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