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Debt (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Non-recourse debt [Table Text Block]

During the nine months ended September 30, 2025, the Company’s following subsidiaries had significant debt issuances (in millions):


Subsidiary	Issuances (1)
AES Clean Energy	$	1,643
AES Puerto Rico Solar	871
AES Andes	520
AES Ohio	375
AES Indiana	350
AES El Salvador	341

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(1) These amounts do not include revolving credit facility activity at the Company’s subsidiaries.

Debt In Default

The following table summarizes the Company’s subsidiary non-recourse debt in default (in millions) as of September 30, 2025. Due to the defaults, these amounts are included in the current portion of non-recourse debt unless otherwise indicated:


Subsidiary	Primary Nature of Default	Debt in Default		Net Assets (Liabilities)

AES Puerto Rico	Payment	$	144	$	(397)

AES Ilumina (Puerto Rico)	Covenant	20		32
AES Jordan Solar	Covenant	6		13

Mount Olive Solar (AES Clean Energy Development) (1)	Covenant	1		—
Total		$	171