AES Corporation delivered strong first-quarter 2026 results, with revenue rising to $3.18 billion from $2.93 billion year-over-year. Net income reached $487 million, and earnings per share of $0.68 beat Wall Street expectations. The Virginia-based Fortune 500 energy company, valued at approximately $10.59 billion, has gained 13.5% over the past year and 3.6% in 2026. However, these returns trail the S&P 500's 16.9% annual gain and 8.7% year-to-date advance. AES has outperformed the utilities sector, beating the State Street Utilities Select Sector SPDR Fund's 4.8% annual return, though slightly lagging its 4.6% gain this year. BlackRock's Global Infrastructure Partners is set to acquire the company, which serves as a major renewable energy supplier to corporations and technology companies.

Virginia clean energy firm plans 350-megawatt solar plant near Buckeye. A private clean energy firm is planning a major solar project on state-owned land near Buckeye, amid a flurry of similar projects in various stages of development in the West Valley and further south in Pinal County. Charlottesville, Virginia-based Apex Clean Energy applied for a 30-year commercial lease for a 3,897-acre site where it wants to build a 350-megawatt utility-scale solar plant with battery energy storage systems, according to documents submitted with the Arizona State Land Department. The property is located west of State Route 85, and about 13 miles south of Interstate 10. The site is going up for auction for a 30-year commercial lease on Aug. 18, with a $43,112,000 starting bid. To get such a project up and running, needed infrastructure improvements include upgrading existing roads and building new ones, along with installing solar panels, electrical equipment, a new substation and battery energy storage systems. That's expected to cost an estimated $740 million, according to documents Apex submitted with the ASLD. In 2021 Apex announced a majority ownership acquisition by funds managed by Ares Management Corporation, which will provide capital for Apex to self-fund the sponsor equity required to develop the project near Buckeye, and others like it elsewhere in the country. Apex may bring on additional equity partners to the project, according to its ASLD application. Apex site plan, development agreement still needs approval. In December 2024, the project, dubbed "Grande Verde Solar" received approvals for a major comprehensive plan amendment and zone change from Maricopa County. Apex still needs to get a plan of development with Maricopa County and a site plan approved from the city of Buckeye, according to an Apex spokesperson. The firm picked the site because it is a large swath of flat contiguous land, and because it has existing electrical infrastructure, proximity to a major load center and a supportive community, the spokesperson told the Business Journal. Apex is aiming to have the project operational by 2028. Nearby in Goodyear, a similar project is being proposed and is working through the city's approvals process. Arlington, Virgina-based AES is planning to develop a 550-megawatt solar plant with battery energy storage systems at a roughly 5,000-acre site in the far southern portion of Goodyear called Rainbow Valley. The Desert Rainbow Solar Project still needs city approvals, including a special use permit, which is currently going through staff review. It will then head to planning and zoning for approval and then finally to Goodyear City Council. Meanwhile, four new solar power projects south of Phoenix in Pinal County are working their way through various city and county approvals, the Business Journal reported earlier this month.

Consumer advocacy groups have filed a complaint with the Federal Energy Regulatory Commission seeking to block BlackRock's acquisition of AES, arguing the investment giant would control over 50% of the utility company. The Citizens Action Coalition of Indiana, Public Citizen, and the Private Equity Stakeholder Project contend this exceeds FERC's 20% limit for blanket authorisations. AES announced earlier this year it had agreed to be purchased by BlackRock, Swedish private equity firm EQT, and Qatar's sovereign wealth fund in a $33 billion deal expected to close in late 2026 or early 2027. AES Indiana services more than 500,000 retail customers in Indianapolis and surrounding areas. The advocates argue private equity control conflicts with the public interest in utilities.