AES Corporation is being sold for $10.7 billion cash in a deal that will potentially see the world’s largest commercial and industrial clean energy supplier enter private ownership.
Blackrock-owned Global Infrastructure Partners leads the consortium that is acquiring AES’s global business, which includes US electric utilities in Indiana and Ohio, plus a major global renewable generation portfolio.
The transaction comes as forecast electricity demand in the United States swells, driven by an expected ramping up of data center deployment. Analysts at Deloitte have forecast US data center demand will require 176 GW of power by 2035 and merger and acquisition activity in the power and utilities sectors appears to be heating up as a result. Deloitte recorded announced transactions in 2025 reached nearly $142 billion across 157 deals, including Constellation's $29 billion acquisition of US power producer Calpine.
AES Corporation currently has 11.8 GW of clean energy supply agreements in place with major technology firms, and its utility operations will need to invest to meet growing energy demands. The company reported 32.1 GW of deployed generating capacity in 2024, 64% of which was renewables, with $12.3 billion in annual revenue for the year.
Global Infrastructure Partners said acquiring AES will give the business much needed capital to fuel growth. The investor said taking the company private will give it “enhanced financial flexibility.”
In a press release, AES Board of Directors Chairman Jay Morse said the transaction maximizes value for stockholders and follows a “robust process” of evaluation. “AES has significant need for capital to support growth beyond 2027, particularly given the significant new investments in both US generation and utilities businesses,” Morse said.
Investors joining Global Infrastructure Partners in the consortium include EQT Infrastructure VI fund, California Public Employees’ Retirement System and Qatar Investment Authority. The deal will see the consortium buy AES for $15 per share in cash, representing a total equity value of $10.7 billion and an enterprise value of approximately $33.4 billion. The transaction represents a 40.3% premium to the 30-day volume weighted average share price to July 8, 2025. The transaction is expected to close in late 2026 or early 2027.
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