US Data Center Boom to Redirect AES Investment Focus Away from LatAm

Private equity firms plan to concentrate capital on growth investments in the US after US$33.4 billion AES acquisition.

Mar. 3, 2026 at 9:16pm

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When the US$33.4 billion takeover of US power company AES by private equity firms Global Infrastructure Partners and EQT closes, the new owners plan to focus capital on growth investments in the US to meet increased electricity demand from data centers, shifting away from Latin America where AES has had a significant presence.

Why it matters

This acquisition and shift in investment strategy signals a major change in AES' geographic focus, as the company moves to capitalize on the booming US data center market while scaling back its footprint in Latin America, where it has been an important player in several key energy markets.

The details

The new owners plan to suspend AES' dividend payments and use the cash to invest in US growth, particularly in serving the rapidly expanding data center industry. This will allow AES to dedicate more resources to the US market, where electricity demand from data centers is expected to nearly triple by 2030, while reducing its presence in Latin America where it has had a significant share of installed capacity in countries like Colombia, Chile, Argentina, Panama, and the Dominican Republic.

  • On Monday, private equity firms Global Infrastructure Partners and EQT Partners announced plans to acquire AES for US$33.4 billion.
  • The acquisition is expected to close in late 2026 or early 2027.

The players

Global Infrastructure Partners

A private equity firm that is part of asset manager BlackRock and is acquiring AES along with EQT Partners.

EQT Partners

A Sweden-based private equity firm that is acquiring AES along with Global Infrastructure Partners.

AES

A US-based power company that is being acquired by Global Infrastructure Partners and EQT Partners for US$33.4 billion.

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What’s next

The acquisition of AES by Global Infrastructure Partners and EQT Partners is expected to close in late 2026 or early 2027, at which point the new owners plan to focus the company's investments on growth in the US data center market.

The takeaway

This deal signals a major strategic shift for AES, as the company moves to capitalize on the booming US data center industry while scaling back its presence in Latin American energy markets where it has historically been a significant player. The new investment focus on the US reflects the growing importance of data centers to the country's electricity demand.