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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