Chile's antitrust regulator FNE clears takeover of AES, owner of AES Andes, by BlackRock's GIP and EQT

Chile's National Economic Prosecutor's Office (FNE), the antitrust regulator, has cleared the purchase of AES Corporation, the US parent of AES Andes, one of Chile's largest power generators, by a consortium led by Global Infrastructure Partners (GIP), part of BlackRock, and the EQT Infrastructure VI fund. The FNE concluded that the deal “is not likely to substantially reduce competition in the segments analysed”, Diario Financiero reported on Thursday 22 October.

The clearance was unconditional. The FNE reviewed four businesses in which the buyers already have investments in Chile: power generation, especially renewables; transmission; battery energy storage (BESS); and data centres. It found no competition risks in any of them.

The deal was announced on 2 March 2026. The consortium, which also includes the Californian pension fund CalPERS and the Qatar Investment Authority, will pay US$15 per share in cash, valuing AES's equity at US$10.7 billion and the whole company, including debt, at about US$33.4 billion, according to the deal announcement published by law firm Simpson Thacher.

Sources: deal announcement, Revista Electricidad and Diario Financiero.

In the FNE's documents, the buyer appears as Global Infrastructure Management, LLC (GIM), the entity that manages GIP's funds, which BlackRock acquired in 2024. The filing was submitted by Horizon Parent L.P. and Horizon Merger Sub Inc., vehicles of those funds, together with EQT Fund Management and AES. The FNE declared the filing incomplete on 26 June and 28 July, and the parties completed it on 13 July and 10 August.

The review focused on the businesses where the buyers' portfolios overlap with AES's in Chile. According to the FNE report cited by Diario Financiero, GIM operates in the country through Atlas, Chile Renovables and Aligned Data Centers (Odata). EQT is present in the power sector through Urbaser (KDM Energía) and Zelestra, and in data centres through EdgeConneX. AES, for its part, holds a stake in Fluence, a battery system supplier.

Data centres were the most sensitive point. The FNE ruled out that the deal would allow an “input foreclosure strategy”, that is, AES Andes refusing to sell power to data centres that compete with Odata or EdgeConneX. According to the regulator, there are at least six independent business groups with renewable generation that can supply those customers.

AES Andes, formerly AES Gener, reported installed capacity of 4,079 MW in Chile in August 2026, including 756 MW of batteries, after the 146 MW Bolero BESS in Antofagasta began commercial operation, according to Reporte Minero. The company has another 1,875 MW under construction.

Those 756 MW matter in a fast-growing storage market: Chile passed 3,000 MW of batteries this year, as we detailed in our story on the country's BESS projects. Its Andes Solar hub in Antofagasta is one of the largest solar-plus-storage complexes in Latin America.

In the short term, nothing visible for customers. In August, AES Andes CEO Javier Dib said the deal would not change the company's plans: “AES's strategy in Chile does not change. On the contrary, it is reaffirmed”, according to Diario Financiero. No changes have been announced at the Chilean subsidiary.

The Chilean clearance follows that of the European Commission, which approved the deal in mid-October under its simplified procedure, and that of AES's shareholders, who approved it in June. The purchase still awaits other regulatory approvals, and closing is expected between late 2026 and early 2027.

The FNE has also focused on other parts of the power sector this year, such as the rules for connecting to distribution grids and the grid operator's tenders, which we reviewed in our story on competition in the power sector.

The AES takeover is one of the largest power sector deals of the year. Infrastructure funds look for assets with stable, long-term revenues, such as power supply contracts, and are betting on rising electricity demand from data centres and electrification. In Chile, Energy Minister Ximena Rincón has cited projections of 1,200 MW of data centre demand by 2030, compared with about 325 MW today.

For Chile's power system, a change of owner at one of its main generators raises questions about the pace of investment in batteries and new plants, and about contracts with large mining and industrial customers. More than 12,000 MW of projects are currently waiting to connect to the grid, most of them batteries, as we reported in our story on projects awaiting connection. For now, the company says its investment plan remains unchanged.

Who is buying AES?

A consortium led by BlackRock's Global Infrastructure Partners (GIP) and the EQT Infrastructure VI fund, with CalPERS and the Qatar Investment Authority as co-investors.

How much is the deal worth?

US$10.7 billion for the equity (US$15 per share) and about US$33.4 billion including debt.

Did the FNE impose conditions?

No. The clearance was unconditional: the FNE concluded the deal does not substantially reduce competition in generation, transmission, batteries or data centres.

How much capacity does AES Andes have in Chile?

4,079 MW as of August 2026, including 756 MW of batteries, plus 1,875 MW under construction.