A consortium of companies led by Global Infrastructure Partners (GIP), a subsidiary of global asset owning giant BlackRock, is set to acquire US utility AES Corporation in a US$10.7 billion deal.
Other than GIP, the consortium includes EQT Infrastructure VI fund, California Public Employees’ Retirement System and Qatar Investment Authority. The agreement was finalised with US$15.00 per share in cash. The deal is expected to close in late 2026 or early 2027.
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The acquisition news was reported in October 2025, with GIP reportedly close to acquiring AES for around US$38 billion. At the time, AES declined to comment on “rumours in the marketplace” when approached by PV Tech about the story.
According to AES, the acquisition will bolster its position across the Americas, backed by a development pipeline, with 11.8 GW of signed agreements to date. The company said the transaction is expected to provide financial flexibility to support AES’ growth strategy.
“AES has a significant need for capital to support growth beyond 2027, particularly given the significant new investments in both US generation and utilities businesses. In the absence of a transaction with the Consortium, the Company would likely require a plan that includes reduction or elimination of the dividend and/or substantial new equity issuances,” Jay Morse, chairman of AES’ Board of Directors, said.
As a private company, AES will continue to invest in utility assets. Additionally, AES Indiana and AES Ohio will remain locally operated and managed regulated utilities.
The company said the consortium brings deep energy infrastructure investment experience and aligns with its focus on safety, affordability and customer service. With enhanced access to capital, AES expects to accelerate investment in critical infrastructure, deliver reliable energy solutions and create long-term value for stakeholders, including employees and local communities.
The deal values AES at an enterprise level reflecting proportional net debt of US$22.7 billion and 712 million shares outstanding as of December 2025. Consolidated net debt stood at US$27.6 billion at year-end, including assumed existing obligations. The transaction implies a 40.3% premium over the 30-day volume-weighted average share price before July 2025.
