
                                                                    EXHIBIT 99.2


                         NOTICE OF GUARANTEED DELIVERY

                                      FOR

                               OFFER TO EXCHANGE
               8 3/8% SENIOR SUBORDINATED EXCHANGE NOTES DUE 2007
                          FOR ANY AND ALL OUTSTANDING
                   8 3/8% SENIOR SUBORDINATED NOTES DUE 2007
                                       OF
                              THE AES CORPORATION

Registered holders of outstanding 8 3/8% Senior Subordinated Notes due 2007 (the
"Old Notes") who wish to tender their Old Notes in exchange for a like principal
amount of 8 3/8% Senior  Subordinated  Exchange Notes due 2007 (the "New Notes")
and, in each case,  whose Old Notes are not immediately  available or who cannot
deliver  their Old Notes and  Letter  of  Transmittal  (and any other  documents
required by the Letter of  Transmittal)  to The Bank of New York (the  "Exchange
Agent") prior to the Expiration Date, may use this Notice of Guaranteed Delivery
or one substantially  equivalent hereto.  This Notice of Guaranteed Delivery may
be  delivered by hand or sent by facsimile  transmission  (receipt  confirmed by
telephone and an original delivered by guaranteed overnight delivery) or mail to
the Exchange Agent. See "The Exchange Offer Guaranteed  Delivery  Procedures" in
the Prospectus.


                 The Exchange Agent for the Exchange Offer is:



                             THE BANK OF NEW YORK


                                    BY MAIL:


                              THE BANK OF NEW YORK
                             101 BARCLAY STREET, 7E
                              NEW YORK, NY 10286
                               Attn: Odell Romeo

                             By Overnight Courier or
                                    by Hand:
                              The Bank of New York
                               101 Barclay Street
                        Corporate Trust Services Window
                                  Ground Level
                            New York, New York 10286
                               Attn: Odell Romeo
                             Reorganization Section

                                  BY FACSIMILE:
                                 (212) 815-6339
                              CONFIRM BY TELEPHONE:
                                 (212) 815-6337

Delivery of this Notice of  Guaranteed  Delivery to an address other than as set
forth above or transmission of  instructions  via a facsimile  transmission to a
number other than as set forth above will not constitute a valid delivery.


This Notice of Guaranteed Delivery is not to be used to guarantee signatures. If
a signature on Letter of Transmittal is required to be guaranteed by an Eligible
Institution,  such  signature  guarantee  mush  appear in the  applicable  space
provided on the Letter of Transmittal for Guarantee of Signatures.


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                   THE FOLLOWING GUARANTEE MUST BE COMPLETED

                             GUARANTEE OF DELIVERY


                   (Note to be used for signature guarantee)

The  undersigned,  a firm that is a member of a registered  national  securities
exchange or a member of the National Association of Securities Dealers,  Inc. or
a  commercial  bank or  trust  company  having  an  office,  branch,  agency  or
correspondent in the United States, hereby guarantees to deliver to the Exchange
Agent at one of its addresses set forth above, the certificates representing the
Old  Notes,  together  with a properly  completed  and duly  executed  Letter of
Transmittal (or facsimile thereof), with any required signature guarantees,  and
any other documents  required by the Letter of Transmittal  within five New York
Stock Exchange,  Inc. trading days after the date of execution of this Notice of
Guaranteed Delivery.


Name of Firm: 

----------------------------------       ---------------------------------------
                                         (Authorized Signature)


Address: 
       ---------------------------       Title: 
                                                --------------------------------
----------------------------------
                         (Zip Code)      Name: 
                                               ---------------------------------
                                               (Please type or print)
Area Code and Telephone Number:
----------------------------------       Date: 
                                               ---------------------------------

             NOTE: DO NOT SEND NOTES WITH THIS NOTICE OF GUARANTEED
               DELIVERY. NOTES SHOULD BE SENT WITH YOUR LETTER OF
                                  TRANSMITTAL.

