AES rises on acquiring largest permitted solar project in California

AES

07/06/2023 15:41

** Shares of power provider AES  AES.N  rise 2% to $20.53 
    ** Co says it has acquired the 2 gigawatt Bellefield project
in California, the largest permitted solar-plus-storage project
in U.S., from clean energy firm Avantus 
    ** Says the project, which is currently in late-stage
development, is being developed in two phases which are expected
to come online in 2025 and 2026, respectively 
    ** Says co has a 15-year agreement to deliver energy from
phase one of the project and expects to sign a contract for
phase two by the end of 2023  
    ** Including session's gains, stock is down 28.5% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))