Market Overview

sPower and MCE Complete Largest Operational CCA Solar Project in California

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Paving the way for more large-scale renewable energy partnerships
with CCAs

sPower, an industry leader in solar and wind assets, working
collaboratively with MCE, announced that they recently achieved
commercial operations on a 130 MWdc solar project in Lancaster,
California. The project, named Antelope Expansion 2, completed by sPower
in December of 2018, will sell output to MCE under a long-term Power
Purchase Agreement (PPA). While California is home to many large solar
projects, this is the largest one completed to-date in California with a
Community Choice Aggregator (CCA). CCAs broaden the potential for
renewables by allowing cities and counties to bring customers together
to leverage individual purchasing power within a defined jurisdiction.

Antelope Expansion 2 is the second solar facility where sPower and MCE
have partnered to bring more solar on-line. This project provides
meaningful benefits to the community, it produces enough electricity to
power over 26,000 homes and eliminates over 217,000 metric tons of
carbon dioxide annually. While under construction, this project provided
meaningful economic benefits locally in the over 261,000 union labor
hours worked from the Southern California Trade Unions, including
Laborers Local 300, Operators Local 12, Ironworkers Local 433 & 416 and
IBEW Local 11.

"MCE is proud to partner with sPower and unions to continue supporting
the green jobs and renewable energy projects that will both bolster
local communities and evolve into the cornerstone of the state's new
economy," said Dawn Weisz, CEO of MCE. "Projects like this demonstrate
MCE's mission to offer the 60-100 percent renewable energy options that
helped MCE customers meet California's SB 100 renewable energy targets
11 years ahead of schedule."

"The project is indicative of the trend of CCAs taking a leadership
position in renewable procurement within California," said Hans Isern,
sPower's Senior Vice President of Origination. "CCAs are giving electric
customers in California the ability to select a cleaner source of power
from in-state projects, which also helps provide more opportunities for
local businesses, labor unions, and communities within the state."

About sPower:

sPower,
an AES and AIMCo company, is the largest private owner of operating
solar assets in the United States. sPower owns and operates a portfolio
of solar and wind assets greater than 1,500 MW and has a development
pipeline of more than 10,000 MW. sPower is owned by a joint venture
partnership between The AES Corporation (NYSE:AES), a worldwide energy
company headquartered in Arlington, Virginia, and the Alberta Investment
Management Corporation, one of Canada's largest and most diversified
institutional investment fund managers. For more information, visit www.sPower.com.

About MCE:

MCE is California's first Community Choice Aggregation Program, a
not-for-profit, public agency that began service in 2010 with the goals
of providing cleaner power at stable rates to its customers, reducing
greenhouse emissions, and investing in targeted energy programs that
support communities' energy needs. MCE is a load-serving entity
supporting ~1,000 MW peak load. MCE provides electricity service to
approximately 470,000 customer accounts and over 1M residents and
businesses in 34 member communities across 4 Bay Area counties: Napa,
Marin, Contra Costa, and Solano.

MCE offers 3 renewable energy products: Light Green (60% renewable);
Deep Green (sourced from 100% in-state solar + wind); and Local Sol
(100% locally-produced solar). MCE continues to exceed state renewable
energy supply standards and greenhouse gas (GHG) reduction targets. MCE
achieved California's renewable energy goals 11 years ahead of state
targets, and will meet GHG-free goals 23 years early. For more
information about MCE, visit mceCleanEnergy.org.

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