AES Nears Acquisition with Strong Slate of Renewable Projects

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Written by Will Ploch, Assistant Editor-in-Chief for IIR News Intelligence (Sugar Land, Texas)

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Summary

As it prepares to be acquired by a BlackRock-led consortium, AES continues to build out its renewable-energy and battery-storage capacity across the U.S.

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Solar Backlog Shines

Executives at AES Corporation were positive about the energy company's overall results for 2025, as they kicked off what likely will be AES' final year as an independent company. A consortium led by Global Infrastructure Partners, a subsidiary of BlackRock Incorporated, and EQT AB has agreed to acquire AES in a $33.4 billion deal (including debt), expected to close by early 2027. Industrial Info is tracking more than $48 billion worth of active and proposed projects from AES, including more than $32 billion worth across the U.S.

"In 2025, AES delivered on its strategic and financial objectives," the company said in a 10-K filing with the U.S. Securities and Exchange Commission (SEC). "We completed construction of 3.2 gigawatts (GW) of renewables and energy storage, and signed long-term PPAs [power-purchase agreements] for an additional 4 GW of new renewable energy."

Among AES' major renewable-energy projects under development is the Bellefield Solar Plant in California City, California. The company completed construction on the 500-megawatt (MW) Phase I solar plant and battery energy-storage system (BESS) last year, and it is preparing to double capacity with a Phase II solar plant and BESS this year.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Plant and Project databases can learn more about Bellefield--including key components, investment values and necessary equipment--from a plant profile and detailed project reports on the Phase I solar plant and BESS, and the Phase II solar plant and BESS.

In its SEC filing, AES used the Bellefield project to trumpet one of its recent innovations: "Maximo," an AI-enabled robot designed to lift, place and attach solar modules. AES says Maximo "enhances solar module installation speed, efficiency and safety," and it plans to expand its fleet to serve a growing backlog of installation contracts before the end of the year.

Other solar projects nearing construction kickoff include the Pawnee Solar Plant in Fort Morgan, Colorado, the first of a planned two-phase project. Both phases include a BESS unit. Subscribers can learn more from a detailed plant profile and project report.

By the Numbers

• More than $48 billion: Total investment value of AES-owned projects worldwide, as tracked by Industrial Info
• $33.4 billion: Estimated price tag of a BlackRock-led consortium's acquisition of AES
• 3.2 GW: Total capacity for renewable-energy and energy-storage projects completed by AES in 2025

Joining a Bigger Family

Last week, AES agreed to be acquired by the BlackRock-led consortium, which includes the California Public Employees Retirement System and Qatar Investment Authority as co-underwriters. AES executives said private ownership will improve access to capital and better position the company for long-term growth across its business units, including its assets in Latin America.

BlackRock and EQT already are parent companies (together or individually) for more than $29 billion worth of active and proposed projects across the U.S. Power Industry, according to Industrial Info's GMI Database. Subscribers can learn more from a detailed list of project reports.

It is not yet known how the acquisition will affect AES' current slate of projects. More than half of the total investment value for BlackRock and EQT's current slate of power projects is attributed to developments in Texas, where AES is in the early construction phases for its three-phase repowering of the Buffalo Gap Windfarm in Merkel, Texas. AES is replacing nearly 300 existing turbines with a smaller fleet of newer, more efficient models from Vestas A/S, with no net change to the power output.

Subscribers can learn more about Buffalo Gap from detailed project reports on Phase I, Phase II and Phase III.

Total revenues at AES were reported to be $12.23 billion for full-year 2025, statistically unchanged from 2024. Net income dropped from $802 million to $162 million, which executives attributed largely to one-time factors: a prior year gain on sale of South American subsidiary AES Brasil; lower earnings at the Energy Infrastructure Strategic Business Unit (SBU), primarily due to higher prior year revenues from the monetization of the Warrior Run coal plant's PPA; higher losses on the commencement of sales-type leases at AES Clean Energy; and other factors.

Executives pointed to AES' adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), which grew 8.8% from 2024 to $2.87 billion.

Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for active and proposed projects from AES across the U.S., and click here for a full list for those worldwide.

Subscribers can click here for a full list of detailed reports for projects mentioned in this article and click here for a full list of related plant profiles.

Key Takeaways

• AES is set to be acquired by a BlackRock-led consortium in 2027.
• It is not yet known how the acquisition will affect AES' current slate of projects.
• AES executives said private ownership will better position the company for long-term growth.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR News Intelligence) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 250,000 current and future projects worth $30.2 trillion (USD).