AES Corporation

“We advised on the three largest deals so far this year—Paramount, McCormick, and EQT/AES—demonstrating how we are far better penetrating the C-suite.”

Citi advised on the EQT/AES transaction, one of the three largest M&A deals of the year, a read-through corroborating major M&A involving AES.

“a definitive merger agreement to be acquired by a consortium led by Global Infrastructure Partners (GIP) and EQT Infrastructure VI, with CalPERS and Qatar Investment Authority (QIA) as co-underwriters.”

AES agreed to be acquired by a GIP-led consortium for $15.00/share (approx. $33.4B enterprise value), a major take-private of a US utility/renewables operator.

“Moody's FFO to net debt metric tracking ahead of the 10-11% path for 2025, with confidence in achieving 12% target by end of 2026.”

AES cites Moody's credit metric (FFO to net debt) tracking ahead of the agency's path, signaling favorable rating-agency assessment of AES's investment-grade profile.

“Well, Uplight was our JV with Schneider Electric.”

AES notes its Uplight virtual-power-plant JV with Schneider Electric saw softer new-service sales amid market uncertainty before recently picking up.

“the sell-down to CDPQ was largely used to reduce debt in the Ohio holdco.”

CDPQ acquired a minority stake in AES Ohio, with proceeds used to delever the holdco; signals CDPQ's continued infrastructure investment appetite.

“received credit opinions from all 3 major agencies confirming our investment-grade rating with stable outlook, including from Moody's in September.”

Moody's reaffirmed AES's investment-grade rating with a stable outlook in September, a routine ratings action on the utility.

“there's also been some articles out there about revisiting the stable of unicorns as you like to call it, Andres. I suppose Uplight specifically here.”

An analyst asks whether AES is reconsidering a sale of Uplight, one of its "AES Next" portfolio company stakes, following press reports of possible asset sales.

“lower EBITDA at our New Energy Technologies SBU primarily reflects AES' share of the lower results reported by Fluence in their fiscal second quarter.”

AES's New Energy Technologies segment EBITDA fell due to weaker results at Fluence, the energy storage company AES co-founded and still holds an equity stake in.

“Since our last call, we have signed PPAs for an additional 1.6 gigawatts of new projects, including 650 megawatts with Meta, bringing our backlog to 12 gigawatts.”

Meta signed a 650-megawatt renewable power purchase agreement with AES, part of AES's growing data-center customer backlog.

“This summer, we'll be breaking ground on the $500 million transmission investment needed to serve a new Amazon data center in Fayette County.”

AES is building $500 million of transmission infrastructure at AES Ohio specifically to serve a new Amazon data center, another distinct data-center demand win.

“This is the first phase of what will be a 2 gigawatt project and the largest solar plus storage plant ever built in the United States, all of which is contracted with Amazon.”

AES describes its Bellefield 1 project, the largest solar-plus-storage plant in the U.S., as fully contracted with Amazon as the offtake customer.

“including the 250-megawatt Morris Solar project in Missouri serving Microsoft.”

AES highlights a completed 250-megawatt solar project in Missouri built to serve Microsoft as a data-center power customer.

“And in 2026, in line with what we've been discussing with Moody's, we expect to be at or above the 12% threshold.”

AES is actively managing its balance sheet actions against specific credit-metric thresholds it has discussed directly with Moody's, indicating ongoing rating agency engagement tied to AES's investment-grade rating trajectory.