Document:

Exhibit 4.5(b)
                              DECLARATION OF TRUST
                                       OF
                                 AES TRUST VIII

         THIS DECLARATION OF TRUST OF AES TRUST VIII is dated as of May 24,
2000 (this "Declaration"), by and among The AES Corporation, a Delaware
corporation, as sponsor (the "Sponsor"), Bank One, National Association, a
national banking association, as trustee (the "Property Trustee"), Bank One
Delaware, Inc., a Delaware corporation, as trustee (the "Delaware Trustee"),
and William R. Luraschi, an individual, as trustee, Willard C. Hoagland, III,
an individual, as trustee, and Barry J. Sharp, an individual, as trustee (each
a "Regular Trustee" and collectively with the Property Trustee and the Delaware
Trustee, the "Trustees"). The Sponsor and the Trustees hereby agree as follows:

         1. The trust created hereby shall be known as "AES Trust VIII" (the
"Trust"), in which name the Trustees or the Sponsor, to the extent provided
herein, may conduct the business of the Trust, make and execute contracts, and
sue and be sued.

         2. The Sponsor hereby assigns, transfers, conveys and sets over to the
Trust the sum of $10. Such amount shall constitute the initial trust estate. It
is the intention of the parties hereto that the Trust created hereby constitute
a business trust under Chapter 38 of Title 12 of the Delaware Code, 12 Del. C.
ss. 3801, et seq. (the "Business Trust Act"), and that this document constitute
the governing instrument of the Trust. The Trustees are hereby authorized and
directed to execute and file a certificate of trust with the Secretary of State
of the State of Delaware in such form as the Trustees may approve.

         3. The Sponsor and the Trustees will enter into an amended and
restated declaration of trust satisfactory to each such party to provide for
the contemplated operation of the Trust created hereby and the issuance of the
preferred securities and common securities referred to therein. Prior to the
execution and delivery of such amended and restated declaration of trust, the
Trustees shall not have any duty or obligation hereunder or with respect of the
trust estate, except as otherwise contemplated by this Declaration, required by
applicable law or as may be necessary to obtain prior to such execution and
delivery any licenses, consents or approvals required by applicable law or
otherwise. Notwithstanding the foregoing, the Trustees may take all actions
deemed proper as are necessary to effect the transactions contemplated herein.

         4. The Sponsor, on behalf of the Trust, is hereby authorized, in its
discretion, (i) to prepare one or more offering memoranda in preliminary and
final form, including any necessary or desirable amendments or supplements,
relating to the offering and sale of preferred securities of the Trust in a
transaction exempt from the registration requirements of the Securities Act of
1933, as amended (the "1933 Act"), and such forms or filings as may be required
by the 1933 Act, the Securities Exchange Act of 1934, as amended, or the Trust
Indenture Act of 1939, as amended, in each case relating to the preferred
securities of the Trust; (ii) to file and execute on behalf of the Trust, such
applications, reports, surety bonds, irrevocable consents, appointments of
attorney for service of process and other papers and documents that shall be
necessary or desirable to register or establish the exemption from registration
of the preferred securities of the Trust under the securities or "Blue Sky"
laws of such jurisdictions as the Sponsor, on behalf of the Trust, may deem
necessary

<PAGE>

or desirable; (iii) to execute and file an application, and all other
applications, statements, certificates, agreements and other instruments that
shall be necessary or desirable, to have the preferred securities listed on the
Private Offerings, Resales and Trading through Automated Linkages ("PORTAL")
Market and, if and at such time as determined by the Sponsor, on the New York
Stock Exchange or any other national stock exchange or the Nasdaq National
Market for listing or quotation of the preferred securities of the Trust; (iv)
to execute and deliver letters or documents to, or instruments for filing with,
a depository relating to the preferred securities of the Trust; and (v) to
execute, deliver and perform on behalf of the Trust one or more purchase
agreements, registration rights agreements, dealer manager agreements, escrow
agreements and other similar or related agreements providing for or relating to
the sale of the preferred securities of the Trust.

         In the event that any filing referred to in this Section 4 is required
by the rules and regulations of the Securities and Exchange Commission (the
"Commission"), PORTAL or state securities or Blue Sky laws to be executed on
behalf of the Trust by the Trustees, the Trustees, in their capacities as
trustees of the Trust, are hereby authorized and directed to join in any such
filing and to execute on behalf of the Trust any and all of the foregoing, it
being understood that the Trustees, in their capacities as trustees of the
Trust, shall not be required to join in any such filing or execute on behalf of
the Trust any such document unless required by the rules and regulations of the
Commission, PORTAL or state securities or Blue Sky laws.

         5. This Declaration may be executed in one or more counterparts.

         6. The number of trustees of the Trust initially shall be five and
thereafter the number of trustees of the Trust shall be such number as shall be
fixed from time to time by a written instrument signed by the Sponsor which may
increase or decrease the number of trustees of the Trust; provided, however,
that to the extent required by the Business Trust Act, one trustee of the Trust
shall either be a natural person who is a resident of the State of Delaware or,
if not a natural person, an entity which has its principal place of business in
the State of Delaware and otherwise meets the requirements of applicable law.
Subject to the foregoing, the Sponsor is entitled to appoint or remove without
cause any trustee of the Trust at any time. Any trustee of the Trust may resign
upon thirty days' prior notice to the Sponsor.

         7. The Sponsor hereby agrees to indemnify the Trustees and any of the
officers, directors, employees and agents of the Trustees (the "Indemnified
Persons") for, and to hold each Indemnified Person harmless against, any
liability or expense incurred without negligence or bad faith on its part,
arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses (including
reasonable legal fees and expenses) of defending itself against or
investigating any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder.

         8. The Trust may be dissolved and terminated before the issuance of the
preferred securities of the Trust at the election of the Sponsor.

         9. Bank One Delaware, Inc., in its capacity as Delaware Trustee, shall
not have the powers or duties of the Trustees set forth herein (except as may
be required under the Business Trust Act) and shall be a trustee hereunder for
the sole and limited purpose of fulfilling the requirements of Section 3807 of
the Business Trust Act.

                                      -2-

<PAGE>

         10. This Declaration shall be governed by, and construed in accordance
with, the laws of the State of Delaware (without regard to conflict of laws
principles).

                            [SIGNATURE PAGE FOLLOWS]

                                      -3-

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Declaration to
be duly executed as of the day and year first above written.

                                               THE AES CORPORATION,
                                               as Sponsor

                                               By: /s/ Roger F. Naill
                                                  ------------------------------
                                                  Name: Roger F. Naill
                                                  Title: Vice President

                                               BANK ONE, NATIONAL ASSOCIATION,
                                               as Property Trustee

                                               By: /s/ Melissa G. Weisman
                                                   -----------------------------
                                                   Name: Melissa G. Weisman
                                                   Title: Vice President

                                               BANK ONE DELAWARE, INC.,
                                               as Delaware Trustee

                                               By:/s/ Melissa G. Weisman
                                                  ------------------------------
                                                  Name: Melissa G. Weisman
                                                  Title: Vice President

                                               WILLIAM R. LURASCHI,
                                               as Regular Trustee

                                               /s/ William R. Luraschi
                                               ---------------------------------

                                               WILLARD C. HOAGLAND, III,
                                               as Regular Trustee

                                               /s/ Willard C. Hoagland, III
                                               ---------------------------------

                                               BARRY J. SHARP,
                                               as Regular Trustee

                                               /s/ Barry J. Sharp
                                               ---------------------------------

                                      -4-Exhibit 4.5(c)

                              DECLARATION OF TRUST
                                       OF
                                  AES TRUST IX

         THIS DECLARATION OF TRUST OF AES TRUST IX is dated as of May 24, 2000
(this "Declaration"), by and among The AES Corporation, a Delaware corporation,
as sponsor (the "Sponsor"), Bank One, National Association, a national banking
association, as trustee (the "Property Trustee"), Bank One Delaware, Inc., a
Delaware corporation, as trustee (the "Delaware Trustee"), and William R.
Luraschi, an individual, as trustee, Willard C. Hoagland, III, an individual,
as trustee, and Barry J. Sharp, an individual, as trustee (each a "Regular
Trustee" and collectively with the Property Trustee and the Delaware Trustee,
the "Trustees"). The Sponsor and the Trustees hereby agree as follows:

         1. The trust created hereby shall be known as "AES Trust IX" (the
"Trust"), in which name the Trustees or the Sponsor, to the extent provided
herein, may conduct the business of the Trust, make and execute contracts, and
sue and be sued.

         2. The Sponsor hereby assigns, transfers, conveys and sets over to the
Trust the sum of $10. Such amount shall constitute the initial trust estate. It
is the intention of the parties hereto that the Trust created hereby constitute
a business trust under Chapter 38 of Title 12 of the Delaware Code, 12 Del. C.
ss. 3801, et seq. (the "Business Trust Act"), and that this document constitute
the governing instrument of the Trust. The Trustees are hereby authorized and
directed to execute and file a certificate of trust with the Secretary of State
of the State of Delaware in such form as the Trustees may approve.

         3. The Sponsor and the Trustees will enter into an amended and
restated declaration of trust satisfactory to each such party to provide for
the contemplated operation of the Trust created hereby and the issuance of the
preferred securities and common securities referred to therein. Prior to the
execution and delivery of such amended and restated declaration of trust, the
Trustees shall not have any duty or obligation hereunder or with respect of the
trust estate, except as otherwise contemplated by this Declaration, required by
applicable law or as may be necessary to obtain prior to such execution and
delivery any licenses, consents or approvals required by applicable law or
otherwise. Notwithstanding the foregoing, the Trustees may take all actions
deemed proper as are necessary to effect the transactions contemplated herein.

         4. The Sponsor, on behalf of the Trust, is hereby authorized, in its
discretion, (i) to prepare one or more offering memoranda in preliminary and
final form, including any necessary or desirable amendments or supplements,
relating to the offering and sale of preferred securities of the Trust in a
transaction exempt from the registration requirements of the Securities Act of
1933, as amended (the "1933 Act"), and such forms or filings as may be required
by the 1933 Act, the Securities Exchange Act of 1934, as amended, or the Trust
Indenture Act of 1939, as amended, in each case relating to the preferred
securities of the Trust; (ii) to file and execute on behalf of the Trust, such
applications, reports, surety bonds, irrevocable consents, appointments of
attorney for service of process and other papers and documents that shall be
necessary or desirable to register or establish the exemption from registration
of the preferred securities of the Trust under the securities or "Blue Sky"
laws of such jurisdictions as the Sponsor, on behalf of the Trust, may deem
necessary

<PAGE>

or desirable; (iii) to execute and file an application, and all other
applications, statements, certificates, agreements and other instruments that
shall be necessary or desirable, to have the preferred securities listed on the
Private Offerings, Resales and Trading through Automated Linkages ("PORTAL")
Market and, if and at such time as determined by the Sponsor, on the New York
Stock Exchange or any other national stock exchange or the Nasdaq National
Market for listing or quotation of the preferred securities of the Trust; (iv)
to execute and deliver letters or documents to, or instruments for filing with,
a depository relating to the preferred securities of the Trust; and (v) to
execute, deliver and perform on behalf of the Trust one or more purchase
agreements, registration rights agreements, dealer manager agreements, escrow
agreements and other similar or related agreements providing for or relating to
the sale of the preferred securities of the Trust.

         In the event that any filing referred to in this Section 4 is required
by the rules and regulations of the Securities and Exchange Commission (the
"Commission"), PORTAL or state securities or Blue Sky laws to be executed on
behalf of the Trust by the Trustees, the Trustees, in their capacities as
trustees of the Trust, are hereby authorized and directed to join in any such
filing and to execute on behalf of the Trust any and all of the foregoing, it
being understood that the Trustees, in their capacities as trustees of the
Trust, shall not be required to join in any such filing or execute on behalf of
the Trust any such document unless required by the rules and regulations of the
Commission, PORTAL or state securities or Blue Sky laws.

         5. This Declaration may be executed in one or more counterparts.

         6. The number of trustees of the Trust initially shall be five and
thereafter the number of trustees of the Trust shall be such number as shall be
fixed from time to time by a written instrument signed by the Sponsor which may
increase or decrease the number of trustees of the Trust; provided, however,
that to the extent required by the Business Trust Act, one trustee of the Trust
shall either be a natural person who is a resident of the State of Delaware or,
if not a natural person, an entity which has its principal place of business in
the State of Delaware and otherwise meets the requirements of applicable law.
Subject to the foregoing, the Sponsor is entitled to appoint or remove without
cause any trustee of the Trust at any time. Any trustee of the Trust may resign
upon thirty days' prior notice to the Sponsor.

         7. The Sponsor hereby agrees to indemnify the Trustees and any of the
officers, directors, employees and agents of the Trustees (the "Indemnified
Persons") for, and to hold each Indemnified Person harmless against, any
liability or expense incurred without negligence or bad faith on its part,
arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder, including the costs and expenses (including
reasonable legal fees and expenses) of defending itself against or
investigating any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder.

         8. The Trust may be dissolved and terminated before the issuance of th
preferred securities of the Trust at the election of the Sponsor.

         9. Bank One Delaware, Inc., in its capacity as Delaware Trustee, shall
not have the powers or duties of the Trustees set forth herein (except as may
be required under the Business Trust Act) and shall be a trustee hereunder for
the sole and limited purpose of fulfilling the requirements of Section 3807 of
the Business Trust Act.

                                      -2-

<PAGE>

         10. This Declaration shall be governed by, and construed in accordance
with, the laws of the State of Delaware (without regard to conflict of laws
principles).

                            [SIGNATURE PAGE FOLLOWS]

                                      -3-

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Declaration to
be duly executed as of the day and year first above written.

                                               THE AES CORPORATION,
                                               as Sponsor

                                               By: /s/ Roger F. Naill
                                                  ------------------------------
                                                  Name:  Roger F. Naill
                                                  Title: Vice President

                                               BANK ONE, NATIONAL ASSOCIATION,
                                               as Property Trustee

                                               By: /s/ Melissa G. Weisman
                                                  ------------------------------
                                                  Name:  Melissa G. Weisman
                                                  Title: Vice President

                                               BANK ONE DELAWARE, INC.,
                                               as Delaware Trustee

                                               By: /s/ Melissa G. Weisman
                                                  ------------------------------
                                                  Name:  Melissa G. Weisman
                                                  Title: Vice President

                                               WILLIAM R. LURASCHI,
                                               as Regular Trustee

                                               /s/ William R. Luraschi
                                               ---------------------------------

                                               WILLARD C. HOAGLAND, III,
                                               as Regular Trustee

                                               /s/ Willard C. Hoagland, III
                                               ---------------------------------

                                               BARRY J. SHARP,
                                               as Regular Trustee

                                               /s/ Barry J. Sharp
                                               ---------------------------------

                                      -4-

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