US$33bn AES Deal Targets Data Centre Energy Growth

Utilities and clean energy company AES is being acquired by a consortium led by BlackRock-owned Global Infrastructures and EQT, in a US$33bn deal that places data centre energy demand at the centre of its next phase.

Stockholders receive US$15 per share in cash under the agreement. The move takes AES private, with completion expected by late 2026 or early 2027, and reshapes the company’s financial structure as it expands clean power supply for hyperscale and enterprise data centres.

Andrés Gluski, President and CEO of AES, says: “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 believe this transaction maximises value for existing stockholders and positions the company for long-term success as we continue delivering on our commitments to customers, communities and people.”

Andrés adds: “We look forward to partnering with the consortium, which has expressed an appreciation for the value of AES' innovation, global reach and diverse portfolio."

Capital to meet data centre power demand

AES states that going private provides greater financial flexibility. This translates into long-term capital to build renewable generation at the scale data centre operators and hyperscalers require.

The company has secured 11.8GW of clean energy supply agreements with technology firms, including a 20-year deal supporting Google’s data centre in Wilbarger County, Texas.

Andrés says: “Our expanded partnership with Google demonstrates how AES can accelerate data centre development by delivering powered land and energy at scale.

“AES is recognised as a world leader in providing energy solutions to technology companies. To-date, AES has signed agreements for nearly 12 GW of energy with data centre customers, 9 GW of these are PPAs directly with hyperscalers.”

Power purchase agreements (PPAs) secure renewable capacity and provide price visibility over decades. AES positions these agreements as central to its growth strategy, aligning infrastructure investment with sustained digital demand.

Investor response and valuation gap

Following the announcement, AES stocks have fallen by 17%.

Earlier reports that BlackRock begun negotiations in October at a valuation of US$38bn. According to Reuters, that valuation would rank among the largest transactions involving a US-listed power company.

The final agreement closes at nearly US$5bn below that initial figure. Jay Morse, Chairman of AES’ Board of Directors, frames the outcome around capital requirements tied to expansion.

He says: “In the absence of a transaction with the consortium, the company would likely require a plan that includes reduction or elimination of the dividend and/or substantial new equity issuances.

“After extensive work and deliberation, we concluded that this transaction is in the best interest of AES stockholders.”

For data centre markets, the emphasis on capital is direct. Building renewable generation, grid connections and storage to support multi-gigawatt campuses requires upfront investment measured in billions. Private ownership offers AES latitude to allocate cash flow and divest assets without quarterly market pressure.

Funding growth for digital infrastructure

AES outlines plans to use internal cash flow and proceeds from asset sales to fund upfront costs linked to the transaction. The company also projects US$12bn in revenue and US$1.7bn in earnings by 2028, signalling the scale of operations underpinning its data centre energy pipeline.

The clean energy focus aligns with enterprise and hyperscale commitments to decarbonisation. Data centres consume large volumes of electricity to power servers, cooling systems and network infrastructure. Operators seek renewable supply not only to manage carbon emissions but also to secure stable long-term pricing amid grid constraints.

By pairing powered land with renewable assets, AES positions itself as an integrated partner rather than a simple energy supplier. The acquisition by Global Infrastructures and EQT consolidates financial backing behind that model, tying infrastructure capital to the expanding requirements of cloud, artificial intelligence and digital services workloads hosted in data centres.

Completion in 2026 or 2027 sets a timeline that aligns with the next wave of hyperscale campus developments already in planning across North America. For AES, the transaction formalises a capital structure designed to serve that demand at scale while maintaining existing commitments to customers and communities.