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E-WIRE PRESS RELEASE E-WIRE PRESS RELEASE E-WIRE PRESS RELEASE |
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Business Editors/Energy Editors |
SeaWest Holdings, Inc. Announces It is Being Acquired by AES Corporation |
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SAN DIEGO, CALIFORNIA, Jan. 11 -/E-Wire/Business Wire/--
SeaWest Holdings, Inc., parent company to, among others, SeaWest WindPower, Inc. and Prasentia, LLC, announced today the acquisition of the company by AES Corporation (NYSE:AES) of Arlington, VA. Pending appropriate agency approvals, the transaction is expected to close during the first quarter of 2005.
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Founded in 1982 by Charles Davenport, III, and continuously headquartered in San Diego, CA, since its inception, SeaWest has long maintained its leadership position in the wind energy industry as evidenced by the development/installation of 850MW, and current operation of nearly 500MW of wind facilities throughout California, Wyoming and Oregon. SeaWest also has site control of 1,800 MW of development sites in ten of the western United States.
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"Thanks to our hard work during the last three years, I believe we have created a very promising opportunity for all parties involved in this transaction," said Christian Engsted, President and CEO of SeaWest WindPower, Inc. "SeaWest's innovative wind project development skills, competence and its very strong and documented O&M expertise, along with the AES global foot print and expertise building and operating generation facilities, creates a powerful combination."
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Through the acquisition of SeaWest, AES becomes one of the leading developers and operators of wind farms in the U.S. Included in the acquisition is SeaWest's 120MW Buffalo Gap wind generation project near Abilene, Texas, which is expected to achieve commercial operation in time to qualify for the current Production Tax Credit, due to expire at the end of 2005. The AES acquisition will also include the purchase of Prasentia LLC.
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"As a pioneer in the industry, SeaWest is an established player in wind energy with experienced wind development and operations teams. It is a natural complement to and extension of our business," said Ned Hall, Managing Director, AES Global Development.
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About AES Corporation
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AES is a leading global power company, with 2003 revenues of $8.4 billion. AES operates in 27 countries, generating 44,000 megawatts of electricity through 111 power facilities and delivers electricity through 17 distribution companies. Our 30,000 people are committed to operational excellence and meeting the world's growing power needs. To learn more about AES, please visit www.aes.com or contact AES media relations at media@aes.com.
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About SeaWest
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SeaWest WindPower, Inc. was founded in 1982, and is a leading independent and full service developer, builder, and long-term operator of utility-scale wind power projects around the world. The company has installed over 3,230 turbines totaling nearly 850 MW in the U.S. and Europe. As well as actively developing projects throughout the United States, SeaWest also has nearly 500 MW under operations and maintenance. For more information about SeaWest, please visit www.seawestwindpower.com.
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