An investor consortium led by BlackRock’s infrastructure unit Global Infrastructure Partners (GIP) and EQT has signed a definitive agreement to acquire AES Corporation in a deal valuing the company at an enterprise value of $33.4 billion.

The transaction reflects intensifying private capital interest in U.S. power generation assets, as electricity demand rises sharply due to data center expansion and AI infrastructure buildout.

 

Deal Structure And Capital Rationale

 

Under the agreement, the consortium will acquire AES for $15.00 per share in cash, representing an equity value of approximately $10.7 billion. The transaction includes $22.7 billion in net debt. The deal is expected to close in late 2026 or early 2027.

In addition to GIP and EQT, co-underwriters include California Public Employees’ Retirement System (CalPERS) and Qatar Investment Authority (QIA).

AES indicated that the acquisition would provide financial flexibility to support its long-term capital requirements, particularly as it scales renewable energy and utility investments beyond 2027. In investor materials, the company noted that new generation capacity, especially to serve data centers, requires significant capital outlays.

AES Chair Jay Morse stated that without the transaction, the company might have needed to reduce or eliminate its dividend or pursue substantial new equity issuances to fund its growth plans.

 

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Positioning For Power Demand Growth

 

AES is one of the largest U.S.-based global power companies, with investments spanning solar, wind, hydro, natural gas, coal, battery storage, utilities, and LNG infrastructure. The company has accelerated renewable deployment in recent years, with U.S. installed renewable capacity increasing by 60 percent over the past two years.

Masoud Homayoun, Head of EQT Infrastructure, highlighted the increasing need for secure energy supply amid expanding global power demand.

The acquisition follows a broader trend of large-scale infrastructure deals in the U.S. energy sector, including Blackstone’s $11.5 billion acquisition of TXNM last year. Investors are targeting power assets that can support electrification, AI data centers, and industrial decarbonization.

 

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Infrastructure Capital And Energy Transition

 

BlackRock acquired GIP in 2024 for $12.5 billion, citing long-term opportunities in decarbonization, energy security, digital infrastructure, and supply chain transformation. GIP Chairman and CEO Bayo Ogunlesi emphasized the need for substantial investment in generation, transmission, and distribution capacity, particularly in the United States.

The transaction underscores a key energy transition dynamic: while renewable capacity is expanding, financing requirements are growing in parallel. As AI-driven electricity demand accelerates, private capital is increasingly positioning itself at the center of the next wave of grid expansion and generation buildout.

For institutional investors, the AES acquisition represents a long-duration infrastructure bet tied to rising power demand, renewable deployment, and the evolving energy mix.