The AES Corp, with Global Infrastructure Partners, a part of BlackRock, and the EQT Infrastructure VI fund, along with co-underwriters California Public Employees’ Retirement System (CalPERS) and Qatar Investment Authority have formed a Consortium that has agreed to acquire AES for a total equity value of $10.7 billion and an enterprise value of approximately $33.4 billion, including the assumption of existing debt.
This transaction is expected to better position AES to drive long-term growth across its business units, including regulated electric utilities and competitive clean energy in the U.S. and critical energy infrastructure assets in Latin America.
In the USA, AES’ electric utilities in Indiana and Ohio are experiencing significant demand growth and remain ‘focused on maintaining reliable service and affordable rates’ for all its 1.1 million customers. As a private company, AES intends to continue to investing prudently in utility assets to meet the growing energy needs of customers. AES Indiana and AES Ohio will remain locally operated and managed regulated utilities, with continued community commitment and investment.
Through this acquisition, AES is aiming to expand its leadership as a premier clean energy platform across the Americas. It is currently is the largest supplier of clean energy to corporations globally, including 11.8 GW of signed agreements to date to supply power to major technology firms.
Under private ownership, AES will have enhanced financial flexibility that will enable the company to accelerate its growth strategy. The Consortium will fund 100% of the purchase price to acquire the company with equity.
The acquisition is not expected to impact customer rates in AES’ regulated utilities. Following the close of the transaction, AES’ regulated businesses, including AES Indiana and AES Ohio, will continue to be regulated by local, state and federal/national authorities.
The transaction was unanimously approved by AES’ Board of directors and is expected to close in late 2026 or early 2027, subject to approval by AES stockholders and the usual regulatory approvals.
Further information visit TheFutureofAES.com
