A consortium led by BlackRock has reached an agreement to acquire AES Corporation, the owner of the Galabovo Thermal Power Plant in Bulgaria, for $33.4 billion, both companies announced Monday.
The deal, which includes the assumption of AES’s $27.56 billion in debt, brings together Global Infrastructure Partners, an affiliate of BlackRock, and the Swedish private equity firm EQT AB as primary investors. Also participating are the California State Teachers’ Retirement System (Calpers) and the Qatar Investment Authority, according to statements released by AES and reported by the Financial Times.
The acquisition price values AES at $15 per share, a total equity value of $10.7 billion. AES stated the sale will provide capital to expand its energy production in the United States. The transaction is expected to close by the conclude of 2026 or early 2027.
AES operates power plants in the U.S. And 13 other countries, including the Galabovo plant in Bulgaria and the Sveti Nikola wind farm near Kavarna. The company has been facing challenges in public markets recently, with the offer price representing a 13% discount from the stock’s closing price before the deal was announced on March 2nd, 2026.
The energy sector is attracting increased investor interest due to growing energy demands driven by the development of artificial intelligence, according to industry analysts. AES has secured clean energy agreements exceeding 11.8 GW with technology companies like Microsoft, and Alphabet.
The future of the Galabovo plant remains uncertain as its power purchase agreement with the National Electric Company of Bulgaria expires in May 2026. Concerns are rising that the plant may follow the path of the ContourGlobal Maritsa East 3 plant, which ceased operations as a coal-fired power station in February 2024 before resuming activity with a planned energy storage system project. A potential shutdown of AES Galabovo could create significant electricity supply issues for Bulgaria.
At this time, there is no clarity on how the change in ownership will affect AES’s operations in Bulgaria.