The following is a summary of the The AES Corporation (AES) Q1 2024 Earnings Call Transcript:
Financial Performance:
The AES Corporation reported adjusted EPS of $0.50, adjusted EBITDA of $635 million, and adjusted EBITDA with tax attributes of $863 million for Q1 2024.
The company reaffirms its 2024 guidance for all metrics and growth rates through 2027.
Business Progress:
AES signed a 15-year contract with Amazon for the second phase of the Bellefield project, providing 2 gigawatts of combined solar and storage.
The firm continues to execute on its growth plan and has a clear line of sight to $4 billion of its total utility capital program of $5.3 billion through 2027.
AES Corporation is seeing more demand for renewable projects than there is supply, driven by the increase in demand from data centers and technology companies.
The company has completed 6 gigawatts in renewable projects, predominantly with data centers.
AES disclosed its participation in a green hydrogen project in Texas in partnership with Air Products, pending final treasury regulations.
AES's renewables origination remains robust with a substantial 1.2 gigawatts signed in the quarter.
The company is diligently creating solutions to overcome transmission bottlenecks in their renewable projects.
The company maintains optimism for the development and returns from its renewable ventures.
AES is focused on developing renewable energy projects, with an emphasis on technologies that offer strategic advantage like battery storage.
AES is advancing on selling down of renewable projects and sees multiple financing opportunities, including asset sales.
The company sees growth potential from the corporate energy demand, tech companies, data centers, EVs, battery manufacturing, and panel manufacturing.
More details: The AES Corp IR
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