November 06, 2009

China SWF to Invest over $1.5 Billion in US Power Company


The AES Corporation (NYSE:AES), a global power generation and distribution conglomerate based in metro Washington, DC (Arlington, VA), announced today that China Investment Corp. - Beijing's soverign wealth fund - will invest $1.58 billion (US dollars) for a 15% stake in the corporation. CIC will spend an additional $571 million to own 35% of AES's wind power business. AES operates 8 generation plants in China currently with nearly 3 MW combined capacity and has up to 49% stake in a Chinese wind farm. CIC's move could be viewed as a way to bring back to China greater control over AES assets in the country....

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