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Financing Receivables | 9 Months Ended
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Sep. 30, 2025
Receivables [Abstract] |
FINANCING RECEIVABLES | FINANCING RECEIVABLES Receivables with contractual maturities of greater than one year are considered financing receivables. The following table presents long-term financing receivables, excluding lease receivables and amounts classified as held-for-sale, by country as of the dates indicated (in millions):
| September 30, 2025 |  | December 31, 2024
| Gross Receivable |  | Allowance |  | Net Receivable |  | Gross Receivable |  | Allowance |  | Net Receivable
Vietnam | $ | 800 |  |  | $ | 19 |  |  | $ | 781 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Chile | 57 |  |  | — |  |  | 57 |  |  | 45 |  |  | — |  |  | 45 |
U.S. | 50 |  |  | 19 |  |  | 31 |  |  | 48 |  |  | 15 |  |  | 33 |
Other | 8 |  |  | — |  |  | 8 |  |  | 9 |  |  | — |  |  | 9 |
Total | $ | 915 |  |  | $ | 38 |  |  | $ | 877 |  |  | $ | 102 |  |  | $ | 15 |  |  | $ | 87 |
Vietnam — AES has recorded loan receivables of $874 million as of September 30, 2025 pertaining to our Mong Duong plant in Vietnam. During the nine months ended September 30, 2025, the Company collected $91 million. The plant was constructed under a build, operate, and transfer contract and sold to the Vietnamese government, while we remain the operator for the duration of the 25-year PPA. Mong Duong was reclassified from held-for-sale to held and used as of May 31, 2025 and therefore $93 million was classified in Other current assets, and $781 million in Loan receivable on the Condensed Consolidated Balance Sheet as of September 30, 2025. See Note 14—Revenue and Note 18—Held-For-Sale and Dispositions for further information. Chile — AES Andes has recorded receivables pertaining to revenues recognized on regulated energy contracts that were impacted by the Stabilization Funds created by the Chilean government in October 2019, August 2022, and April 2024, in conjunction with the Tariff Stabilization Laws. Historically, the government updated the prices for these contracts every six months to reflect the contracts' indexation to exchange rates and commodities prices. The Tariff Stabilization Laws do not allow the pass-through of these contractual indexation updates to customers beyond the pricing in effect at July 1, 2019, until new lower-cost renewables contracts are incorporated to supply regulated contracts. Consequently, costs incurred in excess of the July 1, 2019 price are accumulated and borne by generators. AES Andes aimed to reduce its exposure through the sale of receivables. Through different agreements and programs, as of September 30, 2025, AES Andes sold and collected $151 million and $228 million related to agreements executed in August 2023 and October 2024 to sell up to $227 million and $254 million of receivables pursuant to the Stabilization Funds, respectively. In April 2025, AES Andes sold and collected the remaining $11 million of receivables pursuant to the Stabilization Funds. Additionally, $51 million of payment deferrals granted to mining customers as part of our green blend agreements were recorded as financing receivables included in Other noncurrent assets at September 30, 2025. U.S. — AES has recorded non-current receivables pertaining to the sale of the Redondo Beach land. The anticipated collection period extends beyond September 30, 2026.

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