Singapore
The AES Corporation has announced expansion of its Climate Change & Technology Development (CCTD) business in Asia through the acquisition of the carbon finance team and related project development pipeline of Byun & Co. of Singapore and the hiring of former EcoSecurities executive Ishani Chattopadhyay.
This is part of AES's ongoing efforts to expand climate change development as part of the recently announced formation of its corporate alternative energy group. Earlier this year, AES announced plans to invest approximately US$1 billion over the next three years in this sector.
"Alternative energy is an important growth area for AES. Asia is a strategic market for AES, not only in the power sector but across most alternative energy markets as well. This expansion will give us added resources to meet those opportunities in alternative energy," said William Luraschi, Executive Vice President, Business Development.
Mr. William Byun will be based out of the AES Singapore office and will lead AES's CCTD efforts in Asia and the Middle East to bring to market new projects and technologies that directly reduce greenhouse gas emissions or create emission offsets under the Clean Development Mechanism (CDM) of the Kyoto Protocol. With projects already under development in Indonesia, China, Korea and other countries in Asia, AES now has one of the leading Asia-specific CDM teams in the region.
Ms. Ishani Chattopadhyay will lead AES's CCTD activities in India. As the former head of EcoSecurities in Mumbai, Ms. Chattopadhyay led operations from that group's inception, and successfully penetrated the India CDM market through development and advisory services.
"We are very pleased to have such high caliber people join AES in Asia. With the addition of these people to our team, AES will be in a position to leverage our strong existing presence in Asia to programmatically develop offset projects that reduce greenhouse gas emissions across our geographic footprint," noted Haresh Jaisinghani, Executive Vice President and President of AES's Asia and Middle East businesses.
AES in Asia and the Middle East
AES has operations in China, India, Oman, Pakistan, Qatar and Sri Lanka. AES has been in the Asia and Middle East region since 1994, when it acquired the Cili power plant in China. AES's assets in the region are comprised of 13 generation facilities which have the capacity to produce 5,369 MW. In China, AES has been a longstanding participant in the power market, with a combined 2,842 MW gross installed capacity.
In India, AES owns and operates a 420MW coal fired power plant, the only privatized generation power plant, in partnership with the Government of Orissa. AES is helping to shape the country's rapidly expanding market through active participation in the US-India CEO Forum, a group of 10 CEOs from India's leading companies and 10 CEOs from the US, including AES's CEO, Paul Hanrahan. In Pakistan since 1994, AES is one of the largest independent power producers (IPPs), and owns and operates 2 oil-fired facilities totaling 727MW.
In the Middle East, AES is located in Oman and Qatar. AES has been in Oman since June 2003 when it acquired the Barka power plant, a gas-powered facility with an installed capacity of 456 MW. AES has been in Qatar since May 2001 when the company was selected to own and operate the Ras Laffan plant, Qatar's first independent source of electricity and desalinized water. The combined power and desalination plant converts up to 40 million gallons of seawater into fresh water on a daily basis and produce more than 25% of the country's current generation capacity.
About AES
AES is one of the world's largest global power companies, with 2005 revenues of $11 billion. With operations in 26 countries on five continents, AES's generation and distribution facilities have the capacity to serve 100 million people worldwide. Our 14 regulated utilities amassed 2005 annual sales of over 82,000 GWh and our 122 generation facilities have the capacity to generate approximately 44,000 megawatts. Our global workforce of 30,000 people is committed to operational excellence and meeting the world's growing power needs. To learn more about AES, please visit www.aes.com or contact AES media relations at media@aes.com.
CONTACT: AES Corporation Felix Chan, +65 6339 9408 (Singapore)
CONTACT: AES Corporation Felix Chan, +65 6339 9408 (Singapore) , ,
Source: Business Wire (Business Wire India)