AES Purchases Valcour Wind Portfolio in New York

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The AES Corp. has completed the purchase of Valcour Wind Energy from global investment firm Carlyle.

Valcour is the largest operating wind platform in New York. Its six wind farms currently produce roughly 25% of New York’s wind power. They include three wind parks in Clinton County totaling 279 MW, two in Wyoming County totaling 227 MW and one in Franklin County totaling 106 MW.

“With the acquisition of the Valcour wind portfolio and our more than two decades of experience in New York, we’re proud to work together with state and local communities to help meet these admirable goals,” says Leo Moreno, AES’s clean energy president. “This wind portfolio complements our 1 GW solar pipeline in the state, allowing us to provide custom offerings such as our 24/7 product to realize a carbon-free energy grid. Thanks to the partnership between Carlyle, Cogentrix and Valcour, the Valcour portfolio also offers a strong platform upon which we can continue to build through repowering.”

Cogentrix Energy, a Carlyle portfolio company, has operated, maintained and managed the portfolio since Carlyle’s acquisition of Valcour in 2018. AES is assuming these responsibilities going forward.

“We are proud to have partnered with the Cogentrix and Valcour teams to help New York State continue to make progress towards its clean energy goals,” states J.B. Oldenburg, Carlyle’s managing director. “As Carlyle’s first wind investment, this was a partnership where value creation and driving positive environmental change converged, and we are thrilled for AES to build upon that impact. We believe the renewable and sustainable energy sector is at an inflection point and look forward to continuing to be a key contributor to progressing the transition.”

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