EQT Infrastructure is leading a consortium to acquire AES Corporation in a transaction valuing the energy company's infrastructure platform at over $12 billion. The deal positions EQT to strengthen AES's operating platform while supporting energy transition initiatives.
"We look forward to working with the AES team to strengthen its operating platform, including enhancing reliability and long-term competitiveness, while supporting a responsible and sustainable energy transition," said Masoud Homayoun of the acquiring consortium.
The acquisition follows Onex's strategic moves in 2025, including its purchase of Convex and partnership with AIG. "The acquisition of Convex and partnership with AIG is a pivotal moment in Onex' evolution that meaningfully enhances our growth prospects," said Bobby Le Blanc, who expressed confidence heading into 2026.
Oak-Eagle AcquireCo has structured its merger independently of concurrent tender offers and consent solicitations, allowing the transaction to close regardless of debt restructuring outcomes. This structure provides flexibility as PE firms navigate complex energy asset acquisitions.
Blackstone has also deployed capital into energy infrastructure, joining the broader PE push into assets requiring modernization investment. The firms are capitalizing on utilities and energy companies seeking capital partners for grid upgrades, renewable integration, and reliability improvements.
The deal wave reflects PE's thesis that energy transition will require $3-5 trillion in infrastructure investment globally through 2030. Firms are targeting regulated utilities, transmission assets, and renewable generation platforms that offer stable cash flows during market volatility.
Audacia separately raised €8 million through a capital increase that received 100% subscription at €4.05 per share, demonstrating investor appetite for energy infrastructure equity despite broader market uncertainty.
PE firms face execution risks as energy markets navigate regulatory changes, supply chain pressures, and technological shifts. However, the sector's consolidation wave suggests institutional investors view current valuations as attractive entry points for long-term infrastructure holdings.
The transactions are expected to close through 2026, subject to regulatory approvals in multiple jurisdictions. Combined, the deals represent over $23 billion in PE capital deployed into energy and infrastructure assets over the past 12 months.