A consortium of investors, including BlackRock’s Global Infrastructure Partners and investment group EQT, has agreed to acquire the US energy group AES for USD10.7bn (AES Corporation press release, 03/03/2026).
AES is a large supplier of clean energy to corporations globally, including 11.8 GW of signed agreements to date to supply power to major technology firms (including Google, Microsoft and Amazon). In 2024, AES had 32.1 GW in operation (64% renewables, 23% natural gas-fired, 12% coal-fired) and 11.9 GW in projects. In September 2025, the company was on track to add 3.2 GW of new projects in operation in 2025 (2.9 GW were completed) and had a PPA-backlog of 11.1 GW, including 5.5 GW under construction.
“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,” according to the AES company’s chairman. According to our data, electricity consumption increased by 2% in 2024 to 4,145 TWh and was relatively stable over the past decade, but it could accelerate in the future with the growing demand from data centers.
The transaction is expected to close in late 2026 or early 2027.
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