ARLINGTON, Va.--(BUSINESS WIRE)--The AES Corporation (NYSE: AES) announced that it has completed the sale of its 17% interest in Brazilian utility, Eletropaulo, to Enel Brasil Investimentos Sudeste, S.A., a subsidiary of Enel S.p.A. for a total consideration of BRL 1.27 billion. The transaction closed today and the total projected net proceeds of approximately $310 million will be used to pay down parent company debt once received within the next 60 days.

“We are very proud of what the AES Eletropaulo team accomplished over the past 20 years in terms of modernizing the company, and improving technology, customer service and public safety,” said Andrés Gluski, AES President and Chief Executive Officer. “We are certain that these improvements will continue under the new management. For AES, the sale of AES Eletropaulo represents the final chapter of our strategic decision to exit from the distribution business in Brazil. We are now focused on growing the renewable business at AES Tietê and bringing new technologies, such as energy storage, digitalization and drone applications, to the Brazilian electric sector.”

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global power company. We provide affordable, sustainable energy to 15 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce is committed to operational excellence and meeting the world’s changing power needs. Our 2017 revenues were $11 billion and we own and manage $33 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.