GIP and EQT to Acquire AES

The acquisition brings AES under the umbrella of two major infrastructure investors, Global Infrastructure Partners (GIP) and EQT, both with a significant focus on the energy transition. GIP, soon to be acquired by BlackRock, is a leading infrastructure investor specializing in complex assets in the energy, transport, digital infrastructure, and water and waste management sectors. Stockholm-based EQT is a global investment organization with a strong emphasis on sustainable growth and has been actively scaling businesses to support the transition to clean energy. This deal is part of a larger trend of private equity investment in clean energy, driven by the increasing demand for renewable power. EQT has been making multi-billion dollar bets on U.S. infrastructure, including renewable energy projects, anticipating that the rising demand for clean energy will yield strong returns. GIP also views the energy transition as a major investment opportunity and aims to be a leading owner and operator of renewable energy assets. For Rhode Island, this acquisition is particularly relevant as AES has a footprint in the state's clean energy sector. AES has operational solar and solar-plus-storage assets in Rhode Island and secured financing in April 2025 for the construction of 2 GW of clean energy projects across nine states, including Rhode Island. This local presence connects a major national business deal to the state's own energy landscape and economic development. The clean energy sector is a growing source of employment in Rhode Island and the broader New England region. In 2022, Rhode Island had 22,740 energy workers, with the electric power generation sector adding jobs. Neighboring Massachusetts has seen its clean energy workforce grow by 80% in the last 12 years, and Maine's clean energy sector is leading New England in job growth. This acquisition could influence the trajectory of clean energy projects and related job opportunities in the region.