PPL's assets include the 1,246 MW natural gas-fired Ballylumford Power Station in County Antrim, Northern Ireland. The transaction was announced July 2, 2010, and was subject to license consents from the Northern Ireland Authority for Utility Regulation and the Northern Ireland Department of Enterprise, Trade and Investment.

"We were able to pursue this compelling opportunity in large part because of the strength of our liquidity and our presence in Northern Ireland," said Andres Gluski, AES Chief Operating Officer. "I am confident that we will integrate this business with AES quickly and effectively."

The acquisition expands AES' operating capacity in Northern Ireland to 1,868 MW, or 15 percent of the Single Electricity Market, which covers Northern Ireland and the Republic of Ireland. The majority of Ballylumford's output is contracted to Northern Ireland Electricity and the affiliated agreements allow for a pass-through of fuel costs.