AES Solar was established in March 2008 as a joint venture between the AES Corporation (NYSE: AES) and Riverstone Holdings LLC, with committed capital of $1 billion. AES Solar is developing a platform of utility-scale solar photovoltaic (PV) projects around the world. The company seeks to be a leading global developer, owner and operator of utility-scale solar power plants that will be connected to the power grid and supply homes and businesses with clean, renewable energy.
AES Solar owns and operates a growing fleet of solar PV projects in Europe, and has a robust pipeline of projects in countries offering incentives to renewable energy producers. As the cost of both PV panels and installation continue to decrease, AES Solar will expand into other countries with appropriate market structures, with the goal of achieving "grid parity" – being able to be directly competitive with conventionally generated electric power.