CHILE · ENERGY DEAL
Key Facts
- The country Chile is a copper-rich South American economy of about 20 million people, with one of the region’s most open power markets.
- What happened Chile’s antitrust agency approved the AES sale to funds run by BlackRock’s infrastructure arm and Sweden’s EQT, in a resolution signed on 1 October and published on 21 October.
- The deal AES, a US power company listed in New York, agreed to a US$15-a-share cash buyout worth about US$10.7 billion, or US$33.4 billion with debt.
- The buyers The buyer group is led by Global Infrastructure Partners, part of BlackRock, and the EQT Infrastructure VI fund.
- Shares in Chile Together with the buyers’ existing assets, the combined share of Chile’s power capacity is 10.2% from all sources and 10.7% from renewables.
- Data centres Buyer-linked funds also hold data centres near Santiago, and the agency found no way to starve rival operators of power.
- Power Index Chile ranks 3rd of 14 in The Rio Times Latin America Power Index, with 63.6 points (October 2026 edition).
Chile’s antitrust agency published its approval of the AES sale on 21 October, clearing a US$33.4 billion takeover by BlackRock and EQT funds. The ruling also lays out how much of Chile’s electricity and data-centre business those funds already own.
For American investors, the AES sale shows how US-listed utilities are moving into the hands of private infrastructure funds. For Chile, the approval means the same funds will sit on both sides of the power grid and the cloud servers it feeds.
What Chile’s Antitrust Agency Decided
The National Economic Prosecutor’s Office, known as the FNE, is Chile’s competition regulator and is led by prosecutor Jorge Grunberg. It approved the operation without conditions under case number F479-2026, finding it unlikely to reduce competition substantially.
The buyers notified the deal on 12 June 2026, and the FNE opened a formal investigation on 19 August. Its staff recommended approval and the prosecutor signed the resolution on 1 October, and the agency published both documents on 21 October.
The Price and the Buyers Behind the AES Sale
AES announced the buyout in March 2026 at US$15 a share in cash, which values its shares at about US$10.7 billion. Including debt, the company says the enterprise value is about US$33.4 billion, and shareholders approved the plan on 26 June 2026.
The buyers are Global Infrastructure Partners, an infrastructure investor owned by BlackRock, and a fund run by EQT, a Swedish investment firm. AES also names California’s public pension fund CalPERS and the Qatar Investment Authority as co-underwriters of the AES sale.
What the Funds Already Own in Chile
The FNE’s own papers list the buyers’ Chilean holdings. BlackRock-linked funds own Atlas Energía, a solar and battery group, and 49% of Chile Renovables, where AES holds the other 51%.
EQT funds hold Urbaser’s power-generation arm in Chile and the solar services firm Zelestra. AES itself generates and transmits power in Chile and owns a stake in Fluence, a supplier of battery systems.
How Big the Combined Group Would Be
The agency calculated that the buyers and AES together hold 10.2% of Chile’s generation capacity across all sources and 10.7% across renewables. At those levels, the agency found the owners could not shut rivals out of power supply, equipment or services.
Battery storage was the closest call: counting projects due online in 2026, AES holds 13.9% of grid-connected battery capacity and Atlas 7.6%. The concentration index rose 211 points, above the guideline threshold, but the agency saw a young market that is growing fast.
The Data Centre Question
Funds tied to the buyers run data centres near Santiago, including two Odata sites in Lampa and San Bernardo. Odata belongs to Aligned Data Centers, and EQT-linked EdgeConneX runs a third site in Colina.
The agency asked whether the AES sale would let the owners squeeze rival data centres by controlling power. It concluded not, because at least six independent groups own renewable generators able to supply competitors.
What AES Andes Says
AES Andes is the Chilean subsidiary, with about 4,079 megawatts of capacity, including 756 megawatts of battery storage. Its chief executive, Javier Dib, said in August that the strategy of AES in Chile does not change.
He added that no adjustments are planned for the Chilean unit, according to Diario Financiero, the Santiago business daily. The agency’s ruling does not set any commitments on investment or staffing.
What It Means for US Readers
AES is based in Arlington, Virginia, and trades in New York, so US shareholders are being bought out at US$15 a share. Our report on Chile’s power tender shows how competitive that market is.
For US firms eyeing Chile, the AES sale shows that big funds can buy across the power chain without conditions. It also signals that the FNE will check each deal for supply tricks aimed at rivals.
What Is Not Known
The AES sale still needs other federal, state and foreign approvals, and the company expects closing in late 2026 or early 2027. The Chilean clearance is one of several steps, and no final date has been published.
Parts of the agency’s report are blacked out, including some market shares for sales to large industrial customers. It is also unclear whether the funds will later move AES Andes assets into their separate Chilean vehicles.
More: Chile news in English, every day from The Rio Times.
Frequently Asked Questions
What did Chile’s antitrust agency approve?
The FNE approved the acquisition of control of The AES Corporation by funds advised by Global Infrastructure Management and by EQT. The resolution is dated 1 October 2026 and the agency published it on 21 October.
How much is the AES sale worth?
AES says the cash price is US$15 a share, about US$10.7 billion for the equity and about US$33.4 billion including debt. Shareholders approved the plan on 26 June 2026.
Who are the buyers?
The buyers are funds run by BlackRock’s Global Infrastructure Partners and by Sweden’s EQT. California’s pension fund CalPERS and the Qatar Investment Authority are named as co-underwriters.
Does the AES sale change anything for Chilean power customers?
The agency found no sign of weaker competition, and AES Andes says its strategy in Chile does not change. No price or service conditions were attached.
When will the AES sale close?
AES expects the transaction to close in late 2026 or early 2027. Other regulatory approvals are still required.
Sources: Fiscalía Nacional Económica, Resolución de aprobación, Rol F479-2026, 1 October 2026, published 21 October 2026; Fiscalía Nacional Económica, Informe de aprobación, Rol F479-2026, 1 October 2026; Diario Financiero, FNE autoriza venta de AES Corp y revela la real presencia de los fondos de EEUU, 22 October 2026; AES Corporation, stockholders approve acquisition, 26 June 2026; Reporte Minero, AES Andes starts Bolero battery storage, 3 August 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief