The most modern coal-fired power plant in Bulgaria, “AES Galabovo,” is poised to have a modern owner within the coming months.
AES Corporation announced on Monday, March 2, 2026, that it has accepted an offer to be acquired by a consortium of several large international investors for $33.4 billion. The deal reflects growing investor interest in energy infrastructure assets, particularly those supporting the increasing demands of emerging technologies.
Among the buyers are BlackRock’s Global Infrastructure Partners, based in New York, the Swedish fund Infrastructure VI of EQT, the California Public Employees’ Retirement System (Calpers), and Qatar Investment Authority, according to reports from Financial Times.
The parties have reached a definitive agreement to pay $15 per share of AES stock, totaling $10.7 billion. The transaction also includes the assumption of AES’s $27.56 billion in debt, bringing the total value of the deal to approximately $33.4 billion – one of the largest acquisitions in the sector.
The transaction is expected to close by the end of 2026.
Companies involved in the production, transmission, and distribution of electricity, such as AES, are attracting increasing investor attention due to rapidly growing energy needs driven by the development of artificial intelligence. The acquisition of AES is part of a wave of deals in the energy sector.
AES stated that the sale will provide it with the necessary capital to expand its energy production in the United States.
AES owns and operates power plants in the U.S. And 13 other countries. In Bulgaria, in addition to the Galabovo TPP, the American company also owns the “Sveti Nikola” wind farm near Kavarna.
In recent years, the American company has faced difficulties in public markets. The offer of $15 per share is 13% lower than the last closing price before the deal was announced on March 2, 2026. Analysts attribute the lower valuation to the company’s significant debt and future capital expenditures.
Energy demand in the U.S. Is expected to grow by 25% by 2030, primarily due to the rapid expansion of data centers and increased electrification.
AES has power purchase agreements for over 11.8 GW of clean energy with technology giants like Microsoft and Alphabet.
Its units in the states of Indiana and Ohio will remain local operating structures and will be managed by local companies, ensuring continuity of service and price stability in those regions.
In Bulgaria, TPP “AES Galabovo” has a power purchase agreement with the National Electric Company, which expires in May 2026. We find concerns that this “American” plant will follow the fate of TPP “ContourGlobal Maritsa East 3.” It ceased operations as a coal-fired plant in February 2024, resuming activity only last month with the launch of a project to build an energy storage system.
A potential shutdown of AES could cause huge problems with electricity supplies in the country. At this stage, there is no clarity on how the change of ownership of the American company will affect its business in Bulgaria.
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