BlackRock’s GIP and EQT to acquire AES Corporation for $33.4bn

AES Corporation, a global power company operating across 15 countries, is set to be acquired by a consortium in a deal valuing approximately $33.4 billion.

The consortium is led by BlackRock-owned Global Infrastructure Partners (GIP) and the Swedish EQT Infrastructure VI fund (EQT) and includes the assumption of existing debt. 

Without this transaction, say the companies in a release, funding for AES’ future growth investments would likely require a reduction or elimination of the dividend to their shareholders, or significant new equity issuances.

As a private company, AES says they will continue to invest in utility assets. AES Indiana and AES Ohio will remain locally operated and managed regulated utilities. 

AES is one of the largest suppliers of clean energy to corporations globally, including 11.8GW of signed agreements to date to supply power to major technology firms, including Microsoft and Google.

The transaction, says AES, will better position them to drive long-term growth across its business units, including regulated electric utilities and competitive clean energy in the US and critical energy infrastructure assets in Latin America. AES will also have improved access to capital to invest in critical energy infrastructure assets.

Commenting in a release was Andrés Gluski, President and Chief Executive Officer of AES: 

“Over the course of our 45-year history of powering industries and shaping the future of energy, AES has built a diverse portfolio to meet the evolving power needs of our customers and communities.

“We look forward to partnering with the Consortium, which has expressed an appreciation for the value of AES’ innovation, global reach and diverse portfolio.”

Power demand driving acquisitions

AES’ acquisition comes as booming power demand influences corporate deal-making.

Said Masoud Homayoun, Head of EQT Infrastructure, in a release: “As one of the largest energy infrastructure investors globally, we are seeing first-hand the increasing need for a secure energy supply amid expanding power demand worldwide. 

“EQT’s acquisition of AES will support the growth and modernisation of essential energy infrastructure that underpins energy security, electrification, digitalisation and resilient power systems across key markets.”

Weeks before the announcement, BloombergNEF ranked AES Corporation as a top seller of clean energy to corporations in the US and the Americas in 2025, citing their Corporate Energy Market Outlook. 

This marks the fifth consecutive year AES has been a top provider in the rankings, which track the volume of corporate Power Purchase Agreement (PPA) signings.

BNEF's ranking reflects AES' position as one of the largest energy providers to technology companies globally, including Google, which ranked as AES' top corporate buyer in 2025.

At the time, said Andrés Gluski, AES President and CEO: "We are seeing surging demand for clean energy from the corporate sector, driven in large part by AI data centre development and advanced manufacturing. 

"This recognition reflects the strength of our long-standing partnerships with leading corporations and our ability to deliver clean energy solutions reliably and at the speed our customers require."

As Gluski says, AI has been driving an unprecedented surge in global electricity demand. 

According to Morgan Stanley, this boom in demand and consumption has been accompanied by increasing capital markets investor appetite for methods to quickly finance energy infrastructure.

Investors, they add, have noted that power suppliers and power equipment companies are likely to see benefits from data-centre expansion, particularly among expectations that AI will unleash a productivity wave throughout the broader economy. This has led to investors focusing on rising demand for off-grid solutions, eliminating bottlenecks in the energy supply chain and using credit markets to finance energy system growth.

AES’ PPAs with corporate customers represent nearly two-thirds of its backlog, and approximately 85% of the long-term contracts for renewables that AES signed in 2025 were with corporate customers, excluding energy storage.

Said Bayo Ogunlesi, Chairman and CEO of Global Infrastructure Partners, on the acquisition of AES: "We are excited to announce our acquisition of AES, a market leader in the power generation and supply business with a long and storied history. 

“AES is a leader in competitive generation, and at a time in which there is a need for significant investments in new capacity in electricity generation, transmission and distribution, especially in the United States of America, we look forward to utilizing GIP's experience in energy infrastructure investing, as well as our operational capabilities to help accelerate AES' commitment to serve the market needs for affordable, safe and reliable power."