The AES Corporation (NYSE:AES) today announced the closing of $2.0 billion in long-term, non-recourse financing for its 1,384 MW Southland repowering project in Southern California. The financing consists of $1,475 million of senior secured notes amortizing through 2040 and a $492 million senior secured term loan amortizing through 2027, with a combined weighted average cost of debt of approximately 4.5%. AES will contribute approximately $350 million in equity to finance the balance of the total project cost of $2.3 billion. "The $2.3 billion Southland repowering project is a key component of our strategic objective of increasing our U.S. Dollar-based, long-term contracted position," said Andrés Gluski, AES President and Chief Executive Officer.