Google and AES Sign 20-year PPAs for Co-Located Generation

ARLINGTON, Va. , Feb. 24, 2026 /PRNewswire/ -- The AES Corporation (NYSE: AES) today announced agreements for energy generation that will be co-located with a new Google data center in Wilbarger County, Texas. These energy projects and powered land will enable Google to quickly expand its operations to meet demand for core services that people and businesses use every day, as AES continues to deliver cost-effective and innovative solutions to support this growth. With today's announcement, AES and Google are expanding their long-standing partnership to meet Google's energy, reliability, and affordability goals.

Capitalizing on its extensive development expertise, AES secured the land and interconnection agreements and will build the necessary shared electricity infrastructure for the co-located facility. In addition, the two companies entered into 20-year Power Purchase Agreements (PPA) for co-located power generation. AES will own and operate the generation assets in addition to providing retail, cost optimization and related services to Google's Wilbarger County data center campus under a long-term energy management agreement.

"Our expanded partnership with Google demonstrates how AES can accelerate data center development by delivering powered land and energy at scale," said Andrés Gluski, AES President and CEO. "AES is recognized as a world leader in providing energy solutions to technology companies. To-date, AES has signed agreements for nearly 12 GW of energy with data center customers, 9 GW of these are PPAs directly with hyperscalers."

"Google's data centers are long-term investments in the communities we call home, and our new site in Wilbarger County will be no exception," said Amanda Peterson Corio, Google Global Head of Data Center Energy. "In partnership with AES, we are bringing new clean generation online directly alongside the data center to minimize local grid impact and protect energy affordability. We are also pairing this new power with advanced air-cooling to eliminate operational water use, ensuring Texas remains both sustainable and resource abundant."

AES is the leading clean energy provider for US corporations, according to BloombergNEF's (BNEF) Corporate Energy Market Outlook, which ranked AES as a top provider to corporate customers over the last five years.

AES has a track record of deploying large infrastructure projects that benefit communities, while meeting the needs of its customers and enhancing grid reliability, affordability, and sustainability. The facilities announced today will support rural landowners, expand job opportunities, and contribute to local economies in the surrounding region.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.

Safe Harbor Disclosure

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results but instead constitute AES' current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth investments at normalized investment levels, and rates of return consistent with prior experience.

Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES' filings with the Securities and Exchange Commission (the "SEC"), including, but not limited to, the risks discussed under Item 1A: "Risk Factors" and Item 7: "Management's Discussion & Analysis" in AES' 2024 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES' filings to learn more about the risk factors associated with AES' business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except where required by law.

Any Stockholder who desires a copy of the Company's 2024 Annual Report on Form 10-K filed March 11, 2025 with the SEC may obtain a copy (excluding the exhibits thereto) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Annual Report on Form 10-K may be obtained by visiting the Company's website at www.aes.com.

Website Disclosure

AES uses its website, including its quarterly updates, as channels of distribution of Company information.  The information AES posts through these channels may be deemed material.  Accordingly, investors should monitor our website, in addition to following AES' press releases, quarterly SEC filings and public conference calls and webcasts.  In addition, you may automatically receive e-mail alerts and other information about AES when you enroll your e-mail address by visiting the "Subscribe to Alerts" page of AES' Investors website.  The contents of AES' website, including its quarterly updates, are not, however, incorporated by reference into this release.

Investor Contact: Susan Harcourt 703-682-1204, susan.harcourt@aes.com
Media Contact: Katie Lau, 571-286-9362, katie.lau@aes.com

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SOURCE The AES Corporation