AES acquires Bellefield solar-plus-storage project in California from Avantus
The AES Corporation has announced its acquisition of the 2GW Bellefield solar-plus-storage project, currently in the late-stage development phase, from Avantus (formerly 8minute) for an undisclosed price.
The Bellefield project, situated in Kern County, California, holds the distinction of being the largest permitted solar-plus-storage project in the US. This acquisition not only strengthens AES’ presence in Kern County, where it already operates significantly, but also plays a crucial role in advancing California’s ambitious goal of achieving 100% carbon-free energy by 2045.
The Bellefield project comprises two phases, each designed to generate 500MW of solar power, combined with up to 500MW of battery energy storage with a four-hour duration. This project represents a significant stride towards meeting California’s renewable energy targets while ensuring grid stability through advanced storage capabilities.
AES, with its extensive experience in delivering renewable energy solutions, solidifies its position as a leader in providing sustainable power to corporate customers through long-term contracts.
Phase one of the Bellefield project has already secured a 15-year Power Purchase Agreement (PPA) to supply hourly, carbon-free energy to an existing AES corporate customer. AES anticipates contracting an additional 1GW of solar-plus-storage in phase two by the close of 2023. Avantus, the project’s developer, has developed both phases, with the first one scheduled for commissioning in 2025, followed by the second in 2026.
Dr Tom Buttgenbach — Avantus Founder and CEO said: “At Avantus, our vision is as bold as the climate crisis we face. Bellefield represents our continued success in developing record-breaking clean energy projects that are at the heart of our nation’s climate goals, and that are absolutely necessary in order for America to continue leading in the transition to a clean and sustainable global economy.”
Over the past decade, AES has grown its renewable energy portfolio, boasting 15GW of installed capacity and a backlog of 12GW of projects with signed long-term contracts, which now includes the Bellefield project’s first phase. Additionally, AES maintains a global pipeline of 61GW, underscoring its dedication to expanding the reach of sustainable energy solutions.
The AES Corporation’s acquisition of the Bellefield project signifies a major milestone in California’s clean energy journey, pushing the state closer to its renewable energy goals. AES’s leadership in renewable energy development and its commitment to environmental sustainability make this acquisition a significant win for both the company and the pursuit of a greener future.
Andrés Gluski — AES President and CEO said: “This significant acquisition accelerates AES’ deployment of unique renewable energy solutions to our key corporate clients in the California market.
“With the addition of Bellefield phase one, our signed PPA backlog grows to more than 12 GW, which represents growth of more than 80% from our current installed renewable generation fleet.
“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.”