Global Infrastructure Partners and EQT are in advanced discussions to acquire US power producer AES Corp., Bloomberg reports.

A transaction could be announced as soon as next week. AES shares rose approximately 6.8% in New York trading, giving the company a market value of around $12.4bn.

The potential deal would mark one of the most significant infrastructure transactions of the year and underscores sustained private capital interest in power generation assets linked to rising electricity demand from artificial intelligence-driven data centres.

AES owns a diversified generation portfolio spanning wind and solar assets, natural gas and coal facilities, and regulated utilities in Indiana and Ohio. The company has focused on supplying renewable power to technology groups including Google, Microsoft, and Amazon.

GIP, led by founding partner Adebayo Ogunlesi, manages approximately $170bn in assets. Over the past year, the firm has led major transactions including the $40bn acquisition of Aligned Data Centers and an $11bn lease deal involving Saudi Aramco’s natural gas facilities.

EQT’s infrastructure strategy invests across digital, energy, and logistics assets. The firm raised €21.5bn, equivalent to approximately $25.4bn, for its latest infrastructure fund last year, reflecting strong investor appetite for energy transition opportunities.

Although a final agreement has not been reached and terms may still change, the prospective acquisition highlights continued alignment between global infrastructure capital and long-term energy demand growth driven by digitalisation and decarbonisation.

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