AES Corporation to Be Acquired for $10.7 Billion in Cash Deal Led by Global Infrastructure Partners

AES Corporation is set to be acquired in a $10.7 billion all-cash transaction that could see the world’s largest commercial and industrial clean energy supplier transition into private ownership.

The acquisition is being led by Global Infrastructure Partners, which is owned by BlackRock. The consortium will take control of AES’s global operations, including regulated electric utilities in Indiana and Ohio, as well as a substantial international renewable energy portfolio.

Demand Surge Drives Power Sector Consolidation

The deal comes amid rapidly rising electricity demand in the United States, fueled in part by accelerating data center expansion.

According to analysis by Deloitte, US data centers could require as much as 176 GW of power by 2035. The firm also reported that announced mergers and acquisitions in the US power and utilities sector reached nearly $142 billion across 157 deals in 2025.

Among the largest recent transactions was Constellation Energy’s $29 billion acquisition of Calpine, highlighting growing consolidation across the sector as companies position themselves to meet future demand.

Strong Renewable Portfolio

AES currently holds 11.8 GW of clean energy supply agreements with major technology firms. In 2024, the company reported 32.1 GW of deployed generating capacity globally, with renewables accounting for 64% of that total. AES generated $12.3 billion in annual revenue during the year.

Its regulated utility businesses are expected to require additional capital investment to accommodate rising electricity demand, particularly in regions benefiting from industrial growth and data center development.

Global Infrastructure Partners said the acquisition will provide AES with the capital resources needed to accelerate expansion and strengthen its long-term growth trajectory.

The transaction underscores increasing investor appetite for large-scale clean energy and utility assets at a time when grid reliability, decarbonization, and digital infrastructure growth are reshaping global power markets.