State Grid Corporation of China (SGCC) is in talks with AES Corp. to acquire a controlling stake in the company's U.S. wind power business, Reuters reports.
The deal would give SGCC an 80% interest in AES' U.S. wind power business, including wind energy assets totaling around 1.1 GW, according to Reuters, which cites three unnamed sources. These assets are estimated to total approximately $1.65 billion.
The details of the transaction are still under negotiation, and it is not clear how SGCC would pay for the wind power assets or how the new business would be structured, Reuters says.
AES Wind Generation, a wholly owned division of AES Corp., has wind projects in Texas, California, Oregon, Minnesota, Iowa, West Virginia and Pennsylvania.
The full Reuters report is available here.
