AES said that it will maintain its ownership and operation of other facilities located in eastern Kazakhstan, which include thermal and hydro generation capacity of approximately 2,688MW and a distribution business with over 400,000 customers.
As per the sale agreement, AES will receive consideration of $1.1 billion at closing and will have the opportunity to receive, over three years, additional consideration of up to $381 million under earn-out provisions, a management fee and a capital expenditure program bonus, for a total consideration of up to $1.48 billion.
Paul Hanrahan, president and CEO of AES, said: This transaction is a good example of how active portfolio management can create opportunities to increase value for our shareholders. At the same time, we will maintain an important presence in the growing Kazakhstan market.
