The combined Luna and Lancaster Area Battery Storage projects represent one of the largest battery storage installations in the world
ARLINGTON, Va., Oct. 11, 2022 /PRNewswire/ -- The AES Corporation (NYSE: AES) today marked the dedication of its 100 MW, 400 MWh Luna Battery Storage and 127 MW, 508 MWh Lancaster Area Battery Storage (LAB) facilities in Lancaster, California. The battery storage facilities were completed and came online in August and September 2022, respectively. Together, these two projects represent one of the largest battery storage facilities in California – and the world.
The Luna and LAB battery projects combined represent one of the largest energy storage systems in the world.
"The Luna and LAB Battery Storage projects are two critically important steps in California's safe and reliable energy transition," said Leo Moreno, AES Clean Energy President. "With these two projects, we are delivering the reliable energy our customers and California's residents need. The Luna and LAB projects demonstrate how we're advancing the state's 2045 zero carbon emissions goal."
The Luna and LAB Battery Storage systems provide a reliable and cost-effective means of storing renewable energy that can then be dispatched during periods of increased electricity demand. Fluence, a global market leader in energy storage products and services as well as cloud-based software for renewables and storage assets, supplied its Gridstack® product for the Luna and LAB projects. With this battery storage technology, the Luna and LAB storage facilities can provide enough energy to power 170,000 homes in Southern California for four hours.
Clean Power Alliance is contracted to purchase power from Luna, and Pacific Gas & Electric (PG&E) is contracted to purchase capacity from LAB.
These critical battery storage projects, along with AES' Alamitos battery facility, are helping strengthen California's power grid.
On September 6, 2022, one of the most demanding days for the LA region's power grid due to heatwave, battery storage set records in terms of grid support. According to one Southern California power company, CAISO records show that over 2,800 MW of battery capacity discharged to the grid that day. AES' facilities contributed close to 280 MW of capacity during that time period.
Alberta Investment Company (AIMCo) is an investor in AES' clean energy business in the US with 25% ownership of the business' growth projects.
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.
About Alberta Investment Management Corporation
Alberta Investment Management Corporation, AIMCo, is one of Canada's largest and most diversified institutional investment managers with CAD $168.3 billion of assets under management, as of December 31, 2021. AIMCo invests globally on behalf of 32 pension, endowment and government funds in the Province of Alberta.
AIMCo's Infrastructure group manages a portfolio of over CAD $14 billion in investments, comprised primarily of long-term equity positions in OECD-based infrastructure assets. These assets typically provide essential services to the public and are either regulated or have highly contracted revenues with the potential for long-term capital appreciation. AIMCo infrastructure investments are intended to match long duration real return asset characteristics with inflation-indexed pension liabilities.
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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' 2021 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.
Any Stockholder who desires a copy of the Company's 2021 Annual Report on Form 10-K filed February 28, 2022, 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.
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