AES Sells Stakes to Chinese Funds

Skadden is representing The AES Corporation, a NYSE-listed independent power generator and a developer of power plants, in its agreement to issue 15 percent of its common stock for approximately $1.58 billion to a subsidiary of China Investment Corporation, a sovereign wealth fund, announced on November 6. Concurrently, Skadden is representing AES in its letter of intent with respect to an issuance of a 35 percent stake in its global wind business (outside of Brazil) for US$571 million to a subsidiary of China Investment Corporation.