AES Corporation (AES)

[eFinanceMarkets]

$AES AES Corp. (NYSE:AES) +4.6% after-hours following news that ValueAct Capital Management has taken an active stake in the power generator.

AES says ValueAct founder Jeffrey Ubben will join its board to help push for cleaner energy resources and will work with the company on its plan to sell coal assets, reduce debt and develop more solar power and battery storage.

As of November, ~37% of AES’s power production still came from coal, and the company has set a goal of reducing the figure to 33% by the end of 2020.

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