The AES Corporation, operator of the Shady Point power plant near Panama in southeast Oklahoma is reporting first quarter 2018 earnings of $1.03 per share compared to a 4-cent a share loss one year ago.
The Arlington, Virginia-based company with operations in 27 countries reports expansion of solar projects in the U.S. and a massive hydroelectric project in Chile.
While it has operated the coal-fired power plant in Oklahoma since 1990, AES is moving ahead with construction of a 671 MW Eagle Valley plant in Indiana. It recently signed a 15-year contract with Microsoft for 315 megawatts of solar power in Virginia. The company also reached a 30-year contract for 220 megawatts of wind powered electricity in South Dakota.
AES Distributed Energy signed contracts for 120 MW of solar power in New York, Massachusetts and Rhode Island.
Another contract for 20 years of wind powered electricity was signed in Argentina.
“Over the past three months we have made significant progress on our strategic objectives. We have further simplified our portfolio by selling our Philippine assets for $1 billion and allocated most of those funds to reduce Parent debt,” said Andrews Gluski, AES President and Chief Executive Officer.