In a few months, the most modern coal-fired power plant in our country – “AES Galabovo” – will have a new owner.
The American company AES Corporation has announced that it has accepted the offer to be purchased for 33.4 billion dollars from a consortium that includes several large international investors.
Buyers include New York-based BlackRock subsidiary Global Infrastructure Partners, EQT’s Swedish fund Infrastructure VI, California-based public sector pension fund Calpers and Qatar’s sovereign wealth fund Qatar Investment Authority, the Financial Times reported.
The two sides in the deal have entered into a definitive agreement to pay $15 per AES share, making it $10.7 billion. The deal also includes the assumption of AES’s debt of $27.56 billion, bringing its total value to $33.4 billion, one of the largest acquisitions in the sector.
The deal is expected to close by the end of 2026.
Electricity generation, transmission and distribution companies such as AES are attracting increasing investor interest due to the rapidly growing energy needs of new capacity for the development of artificial intelligence. The acquisition of AES is part of a wave of deals in the energy sector,
AES, in turn, says the sale will provide it with the capital it needs to expand its energy production in the US.
AES owns and operates power plants in the United States and 13 other countries. In our country, in addition to the thermal power plant in Galabovo, the American company also owns the wind park “Sveti Nikola” near Kavarna.
The US company has struggled in the public markets in recent years. The $15 per share offer is 13% lower than the last close of trading before the deal was announced on Monday, March 2, 2026. Analysts say the company’s heavy debt and future capital investments are the reasons for the lower valuation of its shares.
Energy demand in the US is expected to grow by 25% by 2030, mainly due to the rapid expansion of data centers and increased electrification.
AES has more than 11.8 GW of clean energy agreements with tech giants such as Microsoft and Alphabet.
Its divisions in the states of Indiana and Ohio will remain local operating structures and will be managed by local companies, which will ensure continuity of service to these regions and guarantee prices.
In our country, the “AES Galabovo” TPP has a contract for the purchase of the produced energy from the National Electric Company, which expires in May 2026. There are fears that this “American” plant will also follow the fate of the “ConturGlobal Maritsa Iztok 3” TPP. It ceased operations as a coal plant in February 2024. It resumed operations only a month ago, launching a project to build an energy storage system.
The potential shutdown of AES will also cause huge problems with electricity supply in the country. At this stage, it is not at all clear how the change of ownership of the American company will affect its business in Bulgaria.
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