An investment group that includes financial giant BlackRock is buying power company AES Corp. — the latest foray by private equity into the utility sector and one that will invite more public scrutiny at a time of rising electricity prices.
AES, based in Arlington, Virginia, has a portfolio of assets spanning the globe. Those assets include electric utilities in Indiana and Ohio, two states where residents are increasingly concerned about rising power prices and rapid data center expansion.
The sale announced Monday — aimed at injecting AES with new capital to fuel its growth — is valued at $33.4 billion, including debt. That represents a 40-percent premium to the company’s stock price when reports of a buyout were initially reported in July.
“AES has a significant need for capital to support growth beyond 2027, particularly given the significant new investments in both U.S. generation and utilities businesses,” said Jay Morse, AES board chair, in a statement.
