Consortium Led by Global Infrastructure Partners and EQT Agrees to Acquire AES

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• 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

  80% confidence

• At a time in which there is a need for significant investments in new capacity in electricity generation, transmission and distribution, especially in the United States of America, we look forward to utilizing GIP's experience in energy infrastructure investing, as well as our operational capabilities to help accelerate AES' commitment to serve the market needs for affordable, safe and reliable power

  80% confidence

• We believe this transaction maximizes value for existing stockholders and positions the Company for long-term success as we continue delivering on our commitments to customers, communities and people

  80% confidence

• AES has a significant need for capital to support growth beyond 2027, particularly given the significant new investments in both US generation and utilities businesses. 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

  80% confidence

• This acquisition is not expected to impact customer rates in AES' regulated utilities

  80% confidence

• The transaction is expected to close in late 2026 or early 2027, subject to approval by AES stockholders, the receipt of applicable federal, state and foreign regulatory approvals and the satisfaction of other customary closing conditions

  80% confidence

• Dividends payable to AES stockholders are expected to continue in the ordinary course until the closing, subject to approval by AES' Board of Directors

  80% confidence

• With this transaction, EQT Infrastructure VI is expected to be 75-80 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication)

  80% confidence

• QIA is committed to making energy transition a reality by providing long-term capital to companies with proven capabilities in delivering operational excellence to the communities they serve

  80% confidence

• As one of the largest energy infrastructure investors globally, we are seeing first-hand the increasing need for a secure energy supply amid expanding power demand worldwide

  80% confidence

• Following a rigorous review of strategic options, the AES Board determined that this transaction with the Consortium maximizes value for stockholders and provides compelling cash value

  80% confidence

• The Company's strong market position and exposure to long-term demand trends make it a natural fit within our Infrastructure portfolio

  80% confidence

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

  80% confidence

Cited in these Via News reports

• Private Equity Consortium Pays $12.5 Billion for AES Corporation in Largest US Energy Infrastructure Deal Since 2021 →
• Private Equity Deploys $23B Into Global Energy Infrastructure as Transition Investment Accelerates →
• Private Equity Deploys $25B+ Into Energy Infrastructure as Global Transition Creates Asset Rush →