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Riverstone, AEC commit $1bn to solar joint venture26/03/2008. Source: AltAssets. 
 New York-based energy-focused private equity firm Riverstone Holdings and power company AES Corporation have committed up to $1bn as part of a new joint venture to focus on solar photovoltaic projects. AES and Riverstone will provide up to $500m each over five years to the jointly owned entity, to be called AES Solar.
The joint venture will be managed by a seven-member board of directors, with three directors each appointed by AES and Riverstone. The board will be led by former AES director, Robert Hemphill, who will serve as president and CEO and the seventh board member.
Ralph Alexander, a managing director of Riverstone, said, 'Because of its scale, this joint venture has the potential to change the fundamental economics of solar power. We are excited about partnering with AES, which we recognise as a world-class partner.
'The timing is right for this project given the spread of renewable power standards around the world, high energy prices and the continued progress of the solar photovoltaics industry to improve performance and reduce costs. Together, these trends present a substantial opportunity to create value and meet the world's growing demand for clean energy,' he added.
In February of this year, Riverstone and The Carlyle Group committed $450m for investment in Dynamic Offshore Resources, a newly established Houston-based oil and gas company that focuses on acquiring and developing producing properties in the Gulf of Mexico.
Copyright © 2008 AltAssets
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