
                                                                    Exhibit 21.1

                             Subsidiaries of Company

                  The following is a list of all subsidiaries of the Company as
of February 28, 1997 and their respective states or other jurisdictions of
incorporation. Each subsidiary does business under its own name.

<TABLE>
<CAPTION>
<S>                                          <C>                               <C>

                                             State or Other Jurisdiction of    Company's Ownership
Subsidiary                                   Incorporation                     Percentage
- -------------------------------------------  -------------------------------   --------------------
AES Anhui Power Co. Ltd.                          British Virgin Islands             100%
AES Chigen Company (L) Ltd.                          Labuan, Malaysia                100%
AES China Holding Company (L) Ltd.                   Labuan, Malaysia                100%
AES China Power Holding Company (L) Ltd.             Labuan, Malaysia                100%
AES-GITIC Power Development Company Limited              Bermuda                      60%
AES Tian Fu Power Company Ltd.                    British Virgin Islands             100%
AES Tian Fu Power Company (L) Ltd.                   Labuan, Malaysia                100%
AES Yangchun Power Co., Ltd.                      British Virgin Islands             100%
Anhui Liyuan-AES Power Company Ltd.                       China#                      70%
Hefei Zhongli Energy Company Ltd.                         China#                      70%
Hunan Xiangci-AES Hydro Power Company Ltd.                China#                      51%
Jiaozuo (G.P.) Corporation                            Cayman Islands                 100%
Jiaozuo Power Partners, L.P.                          Cayman Islands                  50%
Jiaozuo Wan Fang Power Company Ltd.                       China#                      70%
Sichuan   Fuling   Aixi  Power   Generating               China#                      70%
Company Ltd.
Wuxi-AES-CAREC  Gas Turbine  Power  Company               China#                      55%
Ltd.
Wuxi-AES-Zhonghang Power Company Ltd.                     China#                      55%

</TABLE>

*  Certain dormant subsidiaries, considered insignificant, are not listed.

- ------------------------------
#  A cooperative joint venture formed under the Law of the People's Republic
   of China on Chinese and Foreign Cooperative Joint Venture Enterprises.
