The 60 MW, 240 MWh Kūihelani solar-plus-storage facility developed by AES in Hawaii.
Image: AES Hawaii
AES company is being sold for $10.7 billion in cash in a deal that could see the world’s largest commercial and industrial clean energy supplier become privately owned.
Blackrock-owned Global Infrastructure Partners is leading the consortium acquiring AES’ global operations, including U.S. electric utilities in Indiana and Ohio, plus a large global portfolio of renewable energy generation.
The transaction comes at a time when forecasted demand for electricity in the United States is increasing, driven by an expected increase in data center deployment. Analysts at Deloitte predict that US data center demand will require 176 GW of power by 2035, and merger and acquisition activity in the energy and utilities sectors appears to be increasing as a result. Deloitte recorded transactions announced in 2025 reaching almost $142 billion across 157 deals, including Constellation’s acquisition of US energy producer Calpine for $29 billion.
AES Corporation currently has 11.8 GW of clean energy supply agreements in place with major technology companies, and its utilities will need to invest to meet growing energy demand. The company reported 32.1 GW of deployed generation capacity in 2024, of which 64% were renewables, with annual revenues of $12.3 billion for that year.
Global Infrastructure Partners said the acquisition of AES will provide the company with much-needed capital to fuel growth. The investor said taking the company private will give it “greater financial flexibility.”
In a press release, Jay Morse, chairman of the AES board of directors, said the transaction maximizes shareholder value and follows a “robust evaluation process.” “AES has significant capital needs to support growth beyond 2027, especially given significant new investments in both U.S. generation and utilities,” Morse said.
Investors joining Global Infrastructure Partners in the consortium include the EQT Infrastructure VI fund, the California Public Employees’ Retirement System and the Qatar Investment Authority. The deal will see the consortium purchase 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 through July 8, 2025. The transaction is expected to close in late 2026 or early 2027.
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