AES Corp., Arlington, Va., a power producer with operations in 18 countries on four continents, bought the solar developer Main Street Power Co., Boulder, Colo., to expand its distributed-generation business. Terms weren’t disclosed.
Main Street Power, which will now be named AES Distributed Energy, is a developer, owner and operator of distributed photovoltaic (PV) power systems through power purchase agreements (PPAs). It will retain its existing leadership and staff in Boulder.
The all-cash deal gives AES about 60 megawatts of distributed solar capacity across the U.S. and another 100 megawatts under development in the U.S., Caribbean and Latin America, AES said in a release.
In addition to adding capabilities in the United States, the group will foster development of distributed energy in other AES markets, where electricity prices are higher and solar resources are more favorable. On Feb. 25, the company commissioned its first project on the island of St. Thomas in the U.S. Virgin Islands. It will provide as much as 5% of the island’s current base load capacity during daylight hours.
Altogether AES has about 35 gigawatts of generating capacity and is developing another 7 gigawatts. AES’s existing power plants encompass a broad range of fuel types and serve diverse markets from São Paulo, Brazil to Indianapolis, Ind.