US Power Generator Invests In Australian Solar Firm

AES Corporation Makes Strategic Investment In 5B Australia & Use Its Maverick Technology For PV Deployment; Increases Stake In AES Tietê
11:30 PM (Beijing Time) - 31. July 2020

5B has attracted interest in its Maverick solar technology from The AES Corporation that plans to deploy it for its PV projects in Chile and Panama to start with. Pictured is 5B’s Maverick technology deployed in Eromanga, Queensland, Australia. (Photo Credit: 5B Australia)

Key Takeaways

  • The AES Corporation is one of the investors in 5B Australia for its $8.6 million funding round
  • Strategic investment in the solar technology company, AES says, will help it in the annual renewables growth targeting 2 GW to 3 GW
  • It has also increased its stake in Brazilian renewables company AES Tietê to 42.85% by acquiring 18.5% economic interest from BNDES

US headquartered power company The AES Corporation is expanding its geographical reach with investments in the renewables space. It announced 2 investments in 2 days in 2 different continents, Australia and South America.

In Australia, AES has made a strategic investment of unknown denomination in the solar technology innovator 5B that’s known for its pre-wired, pre-fabricated solar solution called Maverick that’s easy to fold, ship and roll out. It basically makes solar PV technology easier to deploy, something 5B is doing for Singapore’s Sun Cable’s massive 10 GW solar and storage project in the Northern Territory’s Tennant Creek region as its technology partner. It plans to deploy 15 MW a day with the Maverick technology for the project (see Australia’s 5B Tech Partner For 10 GW Solar Project).

Recently, the 10 GW Sun Cable project was accorded Major Project Status by the Australian federal government that’s usually not inclined towards renewables as such.

Back to the AES & 5B connection. The AES Corporation is an investor in the $8.6 million funding round of the 5B. With 5B alongside, AES says it will benefit from the use of Maverick technology across several of its 2 GW to 3 GW of expected annual renewables growth. At least 2 of its solar projects, 2 MW by AES Panama and 10 MW by AES Gener in Chile will use Maverick technology. The latter is an expansion of the Los Andes Solar Facility in the Atacama Desert which has an operational capacity of 21 MW and is planned to be expanded by another 80 MW of bifacial capacity which AES Gener earlier this year said is under construction (see AES Gener To Invest In 1.6 GW Solar & Wind Capacity).

The US energy giant through is wholly owned subsidiary AES Holdings Brazil Ltd will be acquiring an 18.5% economic interest in AES Tietê S.A from BNDES Participações S.A., with an aim to strengthen its renewables portfolio. It will increase AES stake in the AES Tietê to 42.85%. The latter touts a renewables capacity of 3.7 GW in operation or under consideration comprising 310 MW of solar.

“By increasing our ownership in AES Tietê’s 3.7 GW platform of renewables, we are reinforcing our commitment to reduce our total generation from coal to less than 30%,” said Andrés Gluski, AES President and Chief Executive Officer.

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani