Global Infrastructure Partners, a BlackRock‑owned infrastructure investment firm, and Swedish private‑equity group EQT announced a joint bid to acquire AES Corporation, a Virginia‑based utility and renewable‑energy developer, for an estimated $43 billion including debt. The announcement was made on February 2, 2026, and the two firms are pursuing the deal through a formal offer that would bring AES’s 16.2 GW of renewable capacity and its data‑center‑focused power portfolio under new ownership.
AES’s portfolio includes wind, solar, natural‑gas, and coal assets that supply power to major hyperscalers such as Microsoft and Google. The company has secured long‑term power purchase agreements with these data‑center operators, positioning it as a key supplier in the rapidly expanding AI and cloud‑computing market. The acquisition would therefore give GIP and EQT a foothold in the high‑growth data‑center power niche while expanding AES’s renewable footprint.
GIP and EQT are attracted to AES because the company’s renewable capacity aligns with their investment thesis of long‑term, low‑carbon infrastructure assets. The deal also offers a strategic opportunity to consolidate AES’s data‑center power business, potentially unlocking synergies in procurement, operations, and customer relationships. Analysts note that the $43 billion valuation reflects AES’s strong earnings base and the premium that infrastructure investors are willing to pay for clean‑energy assets that support the AI boom.
Following the announcement, Jefferies upgraded its rating of AES from “Underperform” to “Hold,” citing the company’s exposure to the growing data‑center market and its robust renewable portfolio. The upgrade signals confidence in AES’s ability to generate stable cash flows from long‑term contracts, even as the company faces higher debt levels and a competitive renewable‑energy landscape.
The transaction would reshape AES’s strategic trajectory, potentially accelerating its transition to a pure renewable‑energy and data‑center power provider. If completed, the deal would increase AES’s enterprise value to roughly $43 billion, up from its $10.5 billion market capitalization, and could unlock value for shareholders through a premium on the current share price. The acquisition also positions GIP and EQT to capitalize on the continued demand for clean energy in the data‑center sector, a market that is expected to grow as AI workloads expand.
The announcement marks a significant shift for AES, which has been positioning itself as a key power supplier for the AI and data‑center markets. The potential acquisition could reshape the company’s strategic trajectory and impact its valuation and shareholder value.
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