by Garth Meyer
AES stockholders could gain $15 per share in cash after a consortium paid $33 billion to buy the energy company, which formerly owned the Redondo Beach AES plant and its 52-acre waterfront site.
The deal is expected to close later this year or in early 2027.
“We are aware of the purchase but have no insights into any local impacts,” said Mayor Jim Light.
The Redondo Beach closed-power plant site has been mired in a bankruptcy case for the past three years, regarding a dispute over payments between the current owners and AES, which sold the property in 2020.
The private ownership group is led by Leo Pustilnikov.
AES, the overall company, could perhaps repossess the Redondo site, depending on the outcome of the legal process.
AES leadership cited a few reasons to sell the company, announced March 2.
Andrés Gluski, president and chief executive officer, said, “ … We believe this transaction maximizes value for existing stockholders and positions the company for long-term success as we continue delivering on our commitments to customers, communities and people. We look forward to partnering with the consortium, which has expressed an appreciation for the value of AES’ innovation, global reach and diverse portfolio.”
The AES board of directors approved the sale in a unanimous vote, subject to approval by stockholders and certain state, federal and foreign regulatory authorities.
“We are excited to announce our acquisition of AES, a market leader in the power generation and supply business with a long and storied history,” said Bayo Ogunlesi, chairman and chief executive officer of Global Infrastructure Partners (GIP), a part of BlackRock.
The Redondo Beach AES power plant shut down on December 31, 2023. ER
