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The AES Corp. (NYSE: AES), an Arlington-based developer of energy projects worldwide, has acquired a California solar storage facility that is among the largest under construction in the U.S.
AES said Wednesday it has acquired a project in Kern County called Bellefield, a two-gigawatt facility being constructed in two phases, the first of which is expected to come online in 2025. AES, the 13th-largest public company in Greater Washington, is purchasing the facility from Avantus, a California developer of renewable projects formerly known as 8minute Solar Energy.
Terms of the acquisition were not disclosed.
The acquisition dovetails with AES’ previously stated goal of tripling its renewable capacity by 2027 by adding 25 to 30 gigawatts of solar, wind and energy storage to its portfolio. (A gigawatt is capable of powering about 750,000 homes.) The energy company has also said that it will exit all coal projects by 2025.
The Bellefield solar project, when fully completed, will generate one gigawatt of solar power and provide another gigawatt of energy storage. AES said phase one of the phases comes with a contract to deliver hourly carbon-free power to an existing AES corporate customer for 15 years. The development “represents a significant step” in helping California achieve a stated goal of being 100% carbon-free energy by 2045, AES said.
AES President and CEO Andrés Gluski said that with the signed power agreement, AES now has a power delivery backlog of 12 gigawatts, representing an 80% increase over its current capacity. The company said in its recent quarterly earnings report it has three other projects under construction capable of delivering three gigawatts of power. All are expected to be completed this year.
“The vast majority of this backlog is expected to come online over the next two years, consolidating AES' position as one of the fastest growing renewables companies and a global leader in supplying clean energy to corporate customers,” Gluski said in a statement.
AES reported revenue of $3.24 billion in the first quarter, an increase of 14% from the same period in 2022. Its net income climbed 11% year over year to $189 million.
AES' shares closed at $20.13 Tuesday. They are down about 28% since the start of the year.
M&A watch
Continuing its roll up of smaller engineering firms, Bowman Consulting Group Ltd. in Reston has acquired MTX Surveying Inc., a geospatial, land survey and project management company based in Marshall, Texas.
The deal, announced Monday, is Bowman’s third in the last month and at least the 21st since going public in 2021. The company had about 750 employees in 32 offices around the time of its initial public offering in May 2021 and today has more than 1,700 employees in 75 offices throughout the U.S.
MTX, founded in 2016, provides a range of consulting, surveying and project managing services for clients in the energy, utilities and land development sectors in Texas, Louisiana and New Mexico. Its 60 employees have joined the Bowman team.
Bowman did not disclose terms of the deal but said it was financed with a combination of cash, seller notes and equity. The acquisition is expected to contribute $9 million a year to its net billings.
The big number
$518,543,595 — The amount the Catholic University of America has raised from more than 28,600 donors through its Light the Way campaign, which the D.C. university launched in 2019. The campaign is aimed at accruing money to change the university’s campus, expand academic programs and support students. Catholic expanded the campaign in 2021 after hitting its $400 million goal ahead of schedule.
People on the move
Reston government contractor Leidos Holdings Inc. said Monday it has hired Amy Davis, formerly a deputy chief at the National Security Agency, to be its senior vice president and chief security officer.
In the role, Davis will manage and direct the Leidos Corporate Security organization and oversee Leidos’ compliance with U.S. and foreign government national security standards.
Davis worked for more the NSA for two decades, most recently leading the agency team charged with protecting civilian, military and contractor personnel. She previously had roles leading security operations focused on insider risk, emerging threats, physical security and crisis management.
Odds and ends
- The D.C. Council voted to cap rent hikes in rent-stabilized buildings after record-high inflation threatened historic rent increases. (Washington Post)
- French aerospace company Safran is in talks to acquire an arm of Raytheon Technologies Corp. that makes products including flight controls in what could be its biggest purchase in six years. (Bloomberg)
- Arlington-based The Boeing Co. said it would delay deliveries of its 787 Dreamliners in the coming weeks after discovering a new defect. (Wall Street Journal)
- Deb Gandy, senior managing director at Chevy Chase Trust Investment Advisors, was inducted Tuesday as 2023-24 chair of the Northern Virginia Chamber of Commerce. She is the first Black woman to chair the chamber. (Virginia Business)
