The AES Corporation (NYSE: AES) and Kauai Island Utility Cooperative (KIUC) today inaugurated the LÄwai Solar and Energy Storage Project, the largest operational solar and storage system in the world. The project, owned and operated by AES Distributed Energy, consists of a 28 MW solar photovoltaic (PV) and a 100 MWh five-hour duration energy storage system, and will help Hawaii meet its goal of reaching 100 percent renewable energy by 2045. The new PV peaker will deliver roughly 11 percent of Kauais power, making the island more than 50 percent powered by renewables.
Kauai has adopted an ambitious renewables mandate and the LÄwai project will help reduce its reliance on fossil fuels while generating clean, reliable and affordable energy, said Andrs Gluski, AES President and Chief Executive Officer. As a supplier of power to Hawaii for more than 25 years, we are honored to have been chosen by KIUC to help demonstrate its commitment to the states vision of a cleaner energy future. We believe this project is a significant step toward ushering in the wider era of firm renewables.
By combining solar power with battery-based energy storage, intermittent renewable generation can be converted into safe, reliable and higher-quality power. The fully integrated LÄwai project will eliminate the use of 3.7 million gallons of diesel annually, while supporting three vital scenarios in power distribution “ it allows for solar generation to supply the grid while charging the battery system, dispatches power stored in the battery system to the grid during peak demand periods and can dispatch solar and battery power simultaneously to answer spikes in demand in addition to supporting the grid through provision of ancillary services.
Declining costs of solar, and use cases such as this project, will make similar systems the smartest choice to leverage abundant energy from renewables in many other parts of the world. AES is established as an early market leader in firm renewables, with solar + storage solutions representing half of AES Distributed Energys 128 MW under construction and more than 250 MW in late stage development. AES Distributed Energy is currently constructing an additional 19.3 MW solar + 70 MWh battery energy storage facility for KIUC located on leased land from the U.S. Department of Defense within the Pacific Missile Range Facility “ Barking Sands (PMRF) Naval Base.
AES is also continuing to develop firm renewables projects in Hawaii and elsewhere with more projects to be announced in 2019.
The AES Corporation (NYSE: AES) is a Fortune 500 global power company. We provide affordable, sustainable energy to 15 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce is committed to operational excellence and meeting the worlds changing power needs. Our 2017 revenues were $11 billion, and we own and manage $33 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.
The Kauai Island Utility Co-Operative (KIUC) is a member-owned cooperative serving 33,000 customers on the island of Kauai. Formed in 2002 and governed by a nine-member, elected board of directors, KIUC is one of 930 electric co-ops serving more than 36 million members in 47 states.
AES Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as achievements of planned productivity improvements and incremental growth investments at normalized investment levels and rates of return consistent with prior experience.
Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES filings with the Securities and Exchange Commission (the SEC), including, but not limited to, the risks discussed under Item 1A Risk Factors and Item 7: Managements Discussion & Analysis in AES 2017 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES filings to learn more about the risk factors associated with AES business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any Stockholder who desires a copy of the Companys 2017 Annual Report on Form 10-K dated on or about February 26, 2018 with the SEC may obtain a copy (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Form 10-K may be obtained by visiting the Companys website at www.aes.com.
Investor Contact: Ahmed Pasha 703-682-6451
Media Contact: Amy