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AES is a diversified power generation and utility company organized into four strategic business units (SBUs) based on technology: Renewables, Utilities, Energy Infrastructure, and New Energy Technologies. The company operates two main lines of business: generation and utilities, involving owning and operating power plants to generate and sell power, as well as distributing and selling electricity to end-user customers in various sectors . AES emphasizes its strategic focus on renewable energy and innovative technologies, indicating significant investment in these areas for future growth .
- Utilities - Comprises regulated utilities such as AES Indiana, AES Ohio, and AES El Salvador, which generate, purchase, distribute, transmit, and sell electricity to end-user customers.
- Renewables - Includes solar, wind, energy storage, and hydro generation facilities, focusing on sustainable energy solutions.
- Energy Infrastructure - Involves natural gas, LNG, coal, pet coke, diesel, and oil generation facilities, including operations in Chile.
- New Energy Technologies - Focuses on green hydrogen initiatives and investments in companies like Fluence, Uplight, and 5B, which are involved in innovative energy technologies.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andrés R. Gluski Executive | President and Chief Executive Officer | Board Member at Waste Management, Inc.; Chairman of Council of the Americas/Americas Society. | Andrés R. Gluski has been with AES since 2000 and CEO since September 2011. He has led AES to become a leader in clean technologies. | View Report → |
Bernerd Da Santos Executive | Executive Vice President and President of the Renewables Strategic Business Unit | Board Member at AES Brasil Energia S.A.; AES Mong Duong Power Co. Ltd.; IPALCO; Son My LNG Terminal LLC. | Joined AES in 2000, previously COO, now focusing on expanding AES's renewables platform. | |
Juan Ignacio Rubiolo Executive | Executive Vice President and President of the Energy Infrastructure SBU | Board Member at AES Andes, AES Brasil Energia, AES Colombia & Cia S.C.A. E.S.P.. | Joined AES in 2001, extensive international experience, previously CEO of AES Mexico. | |
Paul L. Freedman Executive | Executive Vice President, General Counsel, and Corporate Secretary | Board Member at AES U.S. Investments, Inc.; IPALCO; AES Ohio; AES Southland Energy Holdings, LLC; Business Council for International Understanding; Coalition for Integrity. | Joined AES in 2007, previously Chief of Staff to the CEO, now leading legal and governance frameworks. | |
Ricardo Manuel Falú Executive | Executive Vice President and Chief Operating Officer | Board Member at Fluence Energy, Inc.; AES Andes; IPALCO; AES Ohio; AES Colombia. | Joined AES in 2003, previously CEO of AES Andes, now COO focusing on strategic and commercial operations. | |
Stephen Coughlin Executive | Executive Vice President and Chief Financial Officer | Board Member at AES Clean Energy Development Holdings, LLC; AES U.S. Investments, Inc.; AES U.S. Generation, LLC; IPALCO Enterprises, Inc.. | Joined AES in 2007, previously CEO of Fluence, and has led corporate strategy and financial planning. | |
Tish Mendoza Executive | Executive Vice President and Chief Human Resources Officer | Board Member at IPALCO; Fluence Energy, Inc.; AES Ohio. | Joined AES in 2006, has shaped HR strategy and internal communications. | |
Alain Monié Board | Director | Executive Chairman of Ingram Micro Inc.. | Independent Director since July 2017, former CEO of Ingram Micro Inc.. | |
Gerard M. Anderson Board | Director | Non-Executive Director of The Andersons, Inc.. | Elected to AES Board in July 2023, former Executive Chairman of DTE Energy Company. | |
Holly K. Koeppel Board | Director | Board Member at British American Tobacco p.l.c.; Arch Resources, Inc.; Flutter Entertainment plc. | Independent Director since April 2015, former Managing Director at Corsair Infrastructure Management. | |
Inderpal S. Bhandari Board | Director | Board Member at Walgreens Boots Alliance, Inc.. | Joined AES Board in January 2024, former Global Chief Data Officer at IBM. | |
Janet G. Davidson Board | Director | Board Member at STMicroelectronics, N.V.. | Independent Director since February 2019, extensive experience in technology and corporate strategy. | |
John B. Morse, Jr. Board | Chairman of the Board and Lead Independent Director | Director at Host Hotels & Resorts, Inc.. | Independent Director since December 2008, former CFO of The Washington Post Company. | |
Julia M. Laulis Board | Director | Chair of the Board, President, and CEO of Cable One, Inc.. | Independent Director since April 2020, extensive experience in media and telecommunications. | |
Maura Shaughnessy Board | Director | None. | Independent Director since July 2021, former Portfolio Manager of MFS Utilities Fund. | |
Moisés Naím Board | Director | Distinguished Fellow at Carnegie Endowment for International Peace. | Independent Director since April 2013, former Editor in Chief of Foreign Policy magazine. | |
Teresa M. Sebastian Board | Director | Director at Peckham Industries, Inc.; Kaiser Aluminum Corporation. | Independent Director since January 2021, President and CEO of The Dominion Asset Group. |
- With the expected 50%+ load growth in AES Indiana and AES Ohio, how confident are you in your ability to supply the necessary generation capacity, given the planned coal-to-gas conversions and reliance on renewables, and what challenges do you foresee in meeting this demand?
- Considering the rise in generative AI and the significant demand for data centers, how is AES planning to secure critical components, such as domestically produced solar panels and batteries, to meet domestic content requirements and avoid potential new tariffs?
- How will the current lower interest rate environment impact the profitability of your future projects, especially those yet to be built, and are there opportunities for incremental benefits from reduced financing costs?
- You have reported that you are nearly two-thirds of the way to achieving your $3.5 billion asset sale target by 2027; can you provide more details on which specific non-core assets or business segments you are considering for future sales, and how this aligns with your overall strategic focus?
- Could you elaborate on the timeline and strategies for your projects to qualify for the domestic content bonus tax credits, specifically addressing the implications for returns in both your solar and storage projects, and how any potential delays might affect your financial projections?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Long Point | 2024 | Acquired on September 20, 2024, this asset acquisition involved a project in Arizona comprising a 300 MW wind facility, a 150 MW solar facility, and a 40 MW battery storage facility. The deal was structured with $6 million paid upfront and up to $47 million in contingent consideration. |
Hot Air | 2024 | Agreed on September 20, 2024, the acquisition secured a 350 MW wind facility in Arizona and was treated as an asset acquisition, with $6 million allocated to identifiable intangible assets plus up to $47 million contingent consideration pending milestone resolution. |
Sol Madison Solar, LLC | 2024 | Completed on April 5, 2024, this business combination acquired a 63 MW construction-stage solar project in Virginia along with a pipeline of early-stage projects at a $20 million purchase price, with assets recorded at fair value and no goodwill recognized. |
Hoosier Wind Project, LLC | 2024 | Finalized with closing on February 29, 2024, this asset acquisition secured a 106 MW wind facility in Indiana for a total of $93 million (with $49 million allocated to tangible assets and working capital, and the remainder tied to the termination of a PPA), enhancing AES Indiana's renewables portfolio under the Utilities SBU. |
Tulare County Solar and BESS Project | 2023 | Completed on October 2, 2023, this construction-stage project in Tulare County, California was acquired for approximately $253 million in cash payments, with part of the transaction contingent on future milestones, and is reported under the Renewables SBU. |
Petersburg Solar Project | 2023 | Entered into on August 31, 2023, this asset acquisition of a 250 MW solar and BESS project was executed at fair value for about $49 million, with the project reported in the Utilities SBU. |
Calhoun County Solar Project | 2023 | Acquired on July 18, 2023, this late development-stage 125 MW solar project was purchased for approximately $64 million (including $42 million contingent consideration assessed using Level 3 inputs) and is recorded under the Renewables SBU. |
Helio Atacama Tres SpA | 2023 | Completed on June 9, 2023 via AES Andes S.A., this asset acquisition involved obtaining 100% of the equity interests in Helio Atacama Tres SpA, which owns the Bolero photovoltaic power plant, for a total consideration of $114 million with fair value adjustments allocated to PP&E, reported under the Energy Infrastructure SBU. |
Bellefield Projects | 2023 | Finalized on June 5, 2023, this acquisition of two late development-stage solar and BESS projects (each with 1 GW capacity) in California was structured as an asset acquisition with a total cash payment of about $449 million (subject to contingent adjustments and updates in fair value), strategically reinforcing AES’s renewables portfolio under the Renewables SBU. |
Agua Clara, S.A.S. | 2022 | Completed on June 17, 2022, this asset acquisition of 100% of the equity interests in a wind project was executed for $98 million and is reported under the MCAC SBU. |
Tunica Windpower, LLC | 2022 | Acquired on June 17, 2022 as an asset acquisition, this transaction involved purchasing 100% of Tunica Windpower, LLC for approximately $22 million (including $7 million in contingent consideration with quarterly fair value updates), and is reported in the US and Utilities SBU. |
Windsor PV1, LLC | 2022 | Finalized on May 27, 2022, this asset acquisition of an early development-stage solar project was completed for approximately $17 million (including $5 million in contingent consideration), with fair value measurement applied to assets and liabilities, reported in the US and Utilities SBU. |
Community Energy, LLC | 2021 | Finalized in December 2021 (with purchase price allocation in early 2022), this business combination acquired a 10 GW pipeline of renewable projects along with a team of 70 professionals for $217 million in cash plus $38 million in non-recourse debt, resulting in $90 million of goodwill, and is strategically reported under the US and Utilities SBU. |
New York Wind (Cogentrix Valcour Intermediate Holdings, LLC) | 2022 | With initial completion in November 2021 and final allocation in Q1 2022, this asset acquisition involved operating wind assets across six sites in New York for $352 million cash plus $126 million of assumed debt, creating $199 million in goodwill and complementing AES’s repowering strategy under the US and Utilities SBU. |
Recent developments and announcements about AES.
Earnings
New Earnings (Q4 2024)
·Feb 28, 2025, 6:02 PMView full earnings summary →AES sees no slowdown in renewable demand, signing 450MW with tech clients & expecting low-teens EBITDA growth by 2026. By adding 12GW by 2027 & cutting $300M in costs, management anticipates healthier ratios & outperformance vs prior forecasts.
8-K Filings
8-K Filing
·3 days agoFinancial ExhibitsOther EventsView full 8-K filing →On March 12, 2025, AES filed an 8‑K announcing a proposed offering of Senior Notes due 2032 to raise funds for a cash tender offer to purchase its outstanding 3.300% Senior Notes due 2025. The tender is subject to securing the required net proceeds.
Press Releases
Press Release
·2 days agoView full press release →The AES Corporation announced pricing of $800M of 5.800% senior notes due 2032. Proceeds will fund its 3.300% 2025 notes repurchase and related fees, with any remaining funds for debt retirement and general corporate purposes. Closing is expected March 20, 2025.