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The AES Corporation has a long history of delivering power to countries worldwide. Now the Arlington, Virginia-based global power company is changing with the times: it's building on its founding principles and innovative work culture to grow its renewable energy portfolio.
Woody Rubin, Chief Development Officer (CDO) at AES's wholly-owned clean energy development business, credited the company's success to a "straight climb up of incremental growth" at an "unbelievable scale."
AES is a Fortune 500 global power company that provides electricity in 15 countries through a diverse portfolio of distribution businesses and thermal and renewable generation facilities.
For more than 40 years, the company has focused on bringing power to underserved markets and improving lives by delivering low-cost, affordable energy. Now it's amplifying those founding principles to meet today's challenges.
"Decarbonizing our sectors — and confronting the challenge of our generation, climate change — follows that spirit of bringing power where it's needed. But the new flavor is a renewable, 24/7 product. So now we want to not only bring power to underserved communities but also bring it responsibly, clean and safe," Woody said.
AES is a behemoth in almost every category it's ever embraced, and clean energy is no exception. In today's Tactical Tuesday, you'll learn how it builds on an innovative work culture to grow its renewable energy portfolio. Today’s conversation was part of the RE+ PowerUp Media Zone, a live production of SunCast Media.
Woody joined AES in 2014 when it moved into the distributed solar market with the acquisition of Main Street Power. Woody was a senior vice president and general counsel for Boulder, Colorado-based Main Street, a distributed solar project developer in the 300-kilowatt to 5-megawatt range.
Even though Main Street was initially just a small team focused on renewables within a large company, Woody said AES had "the DNA for the kind of innovation and agility it takes to scale up a renewables business."
"The transformation has been profound, in terms of AES' commitments to reduce the use of coal and its carbon impact, and the vast, quick ramp up to renewables. All the pieces were there and evident in my first couple of weeks with the company," he added.
AES has evolved its clean energy business through mergers and acquisitions, growing its team from 30 to 900 people in the past eight years. It's working with its customers to co-create and deliver smarter, greener energy solutions that meet their needs, including 24/7 carbon-free energy.
In 2020, it merged with Alberta Investment Management Corporation's (AIMCo) sPower, a leading renewable energy Independent Power Producer (IPP), and it bought Valcour Wind Energy from global investment firm Carlyle in 2021. Valcour's six wind farms comprise the most significant operating wind platform in New York State, which wants to produce 70% of its electricity from renewable resources by 2030.
2022 has been a notable year for AES on multiple fronts, including external recognition.
AES was named one of the World's Most Ethical Companies for the ninth consecutive year by Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices.
Fast Company recognized the company on its 2022 Best Workplaces for Innovators list, citing its commitment to clean energy, developing talent, encouraging clean energy innovation and nurturing "innovation opportunities for employees just getting started in their careers."
Fast Company also named AES on its 2022 list of the World's Most Innovative Companies for accomplishments like its May 2021 first-of-its-kind agreement to supply 24/7 carbon-free energy for Google data centers in Virginia. AES will help ensure that the energy powering those data centers will be 90% carbon-free when measured hourly from a portfolio of wind, solar, hydro and battery energy storage resources.
So how do we get to "24/7 carbon-free"? Woody gives some insights, citing data centers, which have to work 24/7. He explained AES co-creates solutions with its customers to build "a portfolio of renewable projects, not just solar and wind, but also energy storage and other technologies."
"Our customer partners are saying, 'We can do better; the grid needs to do better; and we as a renewable energy community need to do better to decarbonize the grid, on a 24/7 time matched basis,'" Woody said.
I hope you tune in to hear more of Woody's insights about renewables, scaling clean energy and how AES will benefit from the tailwinds of the US Inflation Reduction Act. There are lots of good insights today.
Today’s conversation was part of the RE+ PowerUp Media Zone, a live production of SunCast Media.
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