The AES Corporation

Overview

• Global energy company focused on accelerating the future of energy through development, ownership, and operation of electric generation and utilities.
• Partners with large corporate customers to supply electricity, including tailored solutions for data centers and large industrial users.
• Emphasizes renewables (solar, wind, energy storage, hydro) and integration of data-center demand with utility-scale projects. Supported by growing U.S. utility investments and a renewables development platform.
• Reported a sizeable backlog of contracted renewables projects in 2025 and maintains a broad, diversified generation portfolio across multiple regions.

Business segments

Renewables

• Technologies: solar, wind, energy storage, hydro.
• Global footprint: United States, Chile, Argentina, Colombia, Panama, Dominican Republic, Mexico, Bulgaria, Jordan, Netherlands.
• Operating capacity: 17,836 MW (Renewables SBU).
• Under construction and backlog:
  • 5,502 MW under construction (as listed in the Renewables under-construction table).
  • Total Renewables backlog: 12.0 GW (5.7 GW of that backlog under construction).
• 2025 highlights:
  • 3.2 GW completed in 2025.
  • 4.0 GW contracted or awarded in 2025.
  • AES Clean Energy backlog: 7.6 GW.

Utilities

• U.S. utilities: IPALCO (AES Indiana) and AES Ohio (two integrated utilities), plus four regulated utilities in El Salvador.
• Customers: Approximately 2.7 million customers served by AES’ six utilities.
• Generation capacity in U.S. utilities: 4,056 MW.
• Operates within regulated frameworks that include tariffs, rate cases, and other regulatory mechanisms in Indiana, Ohio, and El Salvador.
• Utilities under construction:
  • Santa Ana IV (El Salvador) — 55 MW.
  • Crossvine (AES Indiana) — 85 MW solar + 85 MW / 340 MWh storage; expected COD by 1H 2027.

Energy Infrastructure

• Focus: natural gas, LNG, coal, pet coke, diesel, and oil generation assets; includes gas/coal/dual-fuel plants and LNG infrastructure.
• Operating capacity: 12,705 MW gross (Energy Infrastructure SBU, 2025).
• Notable assets and regions: multiple U.S., Latin American, and European generation assets; Mong Duong 2 (Vietnam) — 1,242 MW. AES previously held a 51% interest and, under termination-rights terms, remains a 51% owner in practice.

New Energy Technologies

• Investments and ownership in innovative platforms and technologies:
  • Fluence — energy storage and services; AES holds a 28.19% economic interest as of 2025 (equity method).
  • Maximo — AI-enabled solar installation robot; consolidated (100% owned by AES).
  • 5B — investment vehicle accounted for using the measurement alternative.
  • Uplight and other technology initiatives; AI Fund partnerships to co-build AI-based businesses.
• Purpose: incubate innovative solutions to accelerate the energy transition and support AES’s core operations.

Operational scale and backlogs

• Total generation capacity (all segments): 34,740 MW.
• Renewables in operation: 17,836 MW.
• Renewables backlog and construction:
  • Total Renewables project backlog: 12.0 GW, with 5.7 GW under construction.
  • 3.2 GW completed in 2025; 4.0 GW contracted or awarded in 2025.
• AES Clean Energy (U.S. renewables platform):
  • Backlog: 7.6 GW of projects with signed long-term PPAs or regulatory contract assignments.
  • Construction/backlog budget: Over $12 billion for projects under construction and contracted projects.
• Selected construction/development examples:
  • Keydet — 62 MW (AES 75%).
  • West Camp — 80 MW wind (AES 75%).
  • Halifax — 80 MW solar (AES 75%).
  • Jobos — 80 MW solar (AES 70%).
  • Larger projects include Four Horizons (planned in Texas).

Customers and employees

• Utilities customers (by region):
  • El Salvador (CAESS, CLESA, DEUSEM, EEO): 1,667,000 customers.
  • United States (AES Ohio and AES Indiana): 1,074,000 customers.
  • Total across six utilities: approximately 2,741,000 customers.
• Employees: 8,336 full-time/permanent employees (as of December 31, 2025).
• Collective bargaining:
  • About 31% of U.S. employees are subject to collective bargaining agreements (2025).
  • About 48% of the non-U.S. workforce is covered by bargaining agreements.

Geographic and regulatory footprint

• Renewables and generation footprint spans the United States, Chile, Argentina, Colombia, Panama, Dominican Republic, Mexico, Bulgaria, Jordan, the Netherlands, and other markets.
• Utilities footprint includes El Salvador (multiple regulated utilities) and U.S. operations in Indiana (IPALCO/AES Indiana) and Ohio (AES Ohio).
• Key regulators referenced: Indiana Utility Regulatory Commission (IURC), Public Utilities Commission of Ohio (PUCO), and various regulatory bodies in El Salvador.

Strategic points

• Growth focus on data-center demand and corporate off-takers, with development-transfer agreements (DTAs) and development services to monetize early-stage projects and transfer them at construction-ready status.
• AES Clean Energy positions as a leading developer with a large pipeline (46 GW development backlog) and an operating fleet totaling over 10 GW across owned and operated systems.
• Data-center and tech-sector customer strategy emphasizes proximity to fiber networks and availability of land and water for potential power solutions.
• Carbon-credit and tax-attribute monetization (ITCs/PTCs and IRA-related transfers) play a material role in U.S. renewables economics in 2025.

Notes

• Figures reflect year-end 2025 data as presented in the 2025 Annual Report excerpt.