AES Commences Operation of First Phase of Chevelon Butte Wind Farm

Largest Wind Project in Arizona to Generate 238 MW of Clean Energy in Phase One

ARLINGTON, Va., June 1, 2023 /PRNewswire/ -- The AES Corporation (NYSE: AES) today announced the start of commercial operations for phase one of the Chevelon Butte wind farm. The project is located on the Chevelon Butte Ranch in Coconino and Navajo Counties, Arizona. AES' Chevelon Butte project is expected to produce a total of 454 MW of wind energy once both phases are fully operational next year. This first phase of the project will bring 238 MW of clean energy online with the remaining 216 MW expected to achieve commercial operations in 2024.

"This landmark project will deliver cost competitive renewable energy to Arizona, while operating on one of the oldest working cattle ranches in the state," said Bernerd Da Santos, AES' EVP, COO, and President, Renewables. "Once both phases are complete, Chevelon Butte will be Arizona's largest wind energy project and the first wind farm built in Northern Arizona in nearly a decade. Achieving this milestone together with our landowner, local community partners, Coconino and Navajo County leaders, Arizona state agencies and our customer, APS, has ensured that this project will produce clean energy for decades to come, right alongside Arizona's ranching industry."

"APS is Arizona's leader in clean energy and we're making progress to add more renewable energy resources, while maintaining a reliable and affordable electrical system," said Justin Joiner, APS Vice President of Resource Management. "The Chevelon Butte wind facility will add more wind energy to our balanced and diverse energy portfolio, helping us advance our 51% clean resource portfolio on the road to delivering 100% clean energy to our customers by 2050."

The wind farm will be compatible with existing land uses, enabling the landowner family and Arizona State Land Department to continue the more than a century-long tradition of raising livestock and stewardship of this property. All lease payments to the State Land Department will directly fund Arizona public schools, universities and other in-state beneficiaries. In close coordination with regulators and permitting authorities, AES also incorporated unique design features to avoid sensitive environmental resources and preserve Northern Arizona's internationally recognized dark sky characteristics by integrating a radar-activated lighting system that enables the federally required turbine lights to turn on only when low-flying aircraft are in the vicinity.

"The Chevelon Butte wind farm is an excellent example of AES' commitment to sustainable clean energy development," said Woody Rubin, Chief Development Officer, AES Clean Energy. "We have carefully designed this large-scale project to feature advanced technology and deliver positive economic and environmental outcomes to Arizona, and Coconino and Navajo counties." 

The project will use the most advanced wind energy technology deployed to-date and will include a total of 105 wind turbines at full buildout. Once both phases are complete, AES' Chevelon Butte wind facility is expected to generate enough electricity to power 110,000 homes annually.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.

Safe Harbor Disclosure

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES' current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth investments at normalized investment levels, rates of return consistent with prior experience and the COVID-19 pandemic.

Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES' filings with the Securities and Exchange Commission (the "SEC"), including, but not limited to, the risks discussed under Item 1A: "Risk Factors" and Item 7: "Management's Discussion & Analysis" in AES' 2022 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES' filings to learn more about the risk factors associated with AES' business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except where required by law.

Any Stockholder who desires a copy of the Company's 2022 Annual Report on Form 10-K filed March 1, 2023 with the SEC may obtain a copy (excluding the exhibits thereto) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Annual Report on Form 10-K may be obtained by visiting the Company's website at www.aes.com.

Website Disclosure

AES uses its website, including its quarterly updates, as channels of distribution of Company information. The information AES posts through these channels may be deemed material. Accordingly, investors should monitor our website, in addition to following AES' press releases, quarterly SEC filings and public conference calls and webcasts. In addition, you may automatically receive e-mail alerts and other information about AES when you enroll your e-mail address by visiting the "Subscribe to Alerts" page of AES' Investors website. The contents of AES' website, including its quarterly updates, are not, however, incorporated by reference into this release.

Investor Contact: Susan Harcourt 703-682-1204, susan.harcourt@aes.com 
Media Contact: Stephanie Cathcart 571-294-6824, stephanie.cathcart@aes.com

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SOURCE AES CORP.