INVESTMENTS IN AND ADVANCES TO AFFILIATES

Summarized Financial Information

The following table summarizes financial information of the Company’s 50%-or-less-owned affiliates that are accounted for using the equity method.



	Nine Months Ended September 30,
50%-or-less-Owned Affiliates	2014		2013
	(in millions)
Revenue	$	716	$	830
Operating margin	159		191
Net income	89		(9		)

Silver Ridge Power

On July 2, 2014, the Company entered into a binding agreement to sell its 50% ownership interest in Silver Ridge Power, LLC (“SRP”) for a purchase price of $179 million, excluding the Company’s indirect ownership interests in SRP’s solar generation businesses in Italy, Puerto Rico and Spain. On July 1, 2014, the Puerto Rico business was distributed by SRP to AES and Riverstone Holdings LLC and is now accounted for as an equity method investment with both AES and Riverstone Holdings each having a 50% ownership. The buyer also has an option to purchase the Company's indirect 50% interest in the Italy solar generation business for an additional consideration of $42 million by August 2015.

Currently, this transaction does not qualify as a sale for accounting purposes as the Company has continuing involvement in the business operations. Once the Company ceases its involvement in SRP's business operations, the transaction will then be considered a sale of real estate. As the Company no longer retains a direct equity interest in SRP, the remaining balance of $32 million related to Italy and Spain, which was previously accounted for as part of our equity method investment in SRP, and the accumulated other comprehensive income balance of $40 million, related to the Company's investment in SRP, have been reclassified to "Other noncurrent assets" on the Condensed Consolidated Balance Sheet as of September 30, 2014.

Guacolda

On April 11, 2014, AES Gener undertook a series of transactions, pursuant to which AES Gener acquired the interests it did not previously own in Guacolda for $728 million and simultaneously sold the ownership interest to Global Infrastructure Partners ("GIP") for $730 million. The transaction provided GIP with substantive participating rights in Guacolda, and, as a result, the Company continues to account for its investment in Guacolda using the equity method of accounting. The cash outflow for the acquisition is reflected in "Acquisitions - net of cash acquired" and the cash inflow from the sale of these ownership interests to GIP is reflected in "Proceeds from the sale of businesses, net of cash sold" on the Condensed Consolidated Statement of Cash Flows for the period ended September 30, 2014.