AES Acquires Large Solar Plant Development in California

AES Corp., an electric utility that’s been phasing out of coal and expanding in renewables, is acquiring a major solar plant under construction in California.

AES has acquired the Bellefield solar plant and storage project in Kern County from solar-power developer Avantus LLC, according to a statement reviewed by Bloomberg News. The 2-gigawatt project, which would provide enough electricity to power 1.5 million California homes, will start supplying the grid in 2025.

Financial terms of the deal weren’t disclosed.

Last year’s Inflation Reduction Act provided incentives to help push the US toward producing 100% clean electricity by 2035. That ...