The following table summarizes the relevant effective equity ownership interest and carrying values for the Company's investments accounted for under the equity method as of the periods indicated:


December 31,		2023		2022		2023		2022
Affiliate	Country	Carrying Value (in millions)				Ownership Interest %
sPower (1)	United States	$	423	$	432	50	%	50	%
Fluence	United States	148		205		29	%	34	%
Grupo Energía Gas Panamá (2)	Panama	114		82		24	%	49	%
Uplight (3)	United States	86		81		29	%	29	%
Energía Natural Dominicana Enadom (4)	Dominican Republic	77		64		33	%	43	%
Mesa La Paz	Mexico	42		32		50	%	50	%

Other affiliates (5)	Various	51		56
Total		$	941	$	952

(1)The Company owns 50% of sPower, LLC and accounts for its investment as an equity method investment. Furthermore, there are two specific portfolios of operating solar and wind assets, OpCo A and OpCo B, in which sPower, LLC owns 51%, resulting in an AES effective ownership of approximately 26% in these portfolios.

(2)The Company's ownership in Grupo Energía Gas Panamá is held through AES Panama, a 49%-owned consolidated subsidiary. AES Panama owns 49% of Grupo Energía Gas Panamá, resulting in an AES effective ownership of 24%.

(3)On February 9, 2024, the Company's equity interest was diluted to approximately 25% as a result of Uplight's acquisition of AutoGrid, a market leader in the fast-growing Virtual Power Plant ("VPP") space.

(4)The Company's ownership in Energía Natural Dominicana Enadom is held through Andres, a 65%-owned consolidated subsidiary. Andres owns 50% of Energía Natural Dominicana Enadom, resulting in an AES effective ownership of 33%. See Note 17—Equity for further information regarding the selldown of AES Dominicana in December 2023.

(5)Includes Bosforo, Tucano, Barry, Alto Maipo, and various other equity method investments. Barry and Alto Maipo represent VIEs in which the Company holds a variable interest but is not the primary beneficiary.

Fluence — In December 2023, the Company redeemed 7,087,500 common units of Fluence Energy, LLC. Fluence Energy, Inc. settled this redemption through the issuance of an equivalent number of shares of its Class A common stock. In conjunction with this redemption, the Company executed a public sale of the Class A shares, resulting in proceeds received of $156 million, after expenses, and a pre-tax gain on sale of $136 million, recorded in Gain (loss) on disposal and sale of business interests. As a result of this transaction, AES' ownership interest decreased from 33% to 29%. As the Company still does not control but has significant influence over Fluence after the transaction, it continues to be accounted for as an equity method investment. Fluence is reported in the New Energy Technologies SBU reportable segment.

Grupo Energía Gas Panamá — In September 2023, AES Latin America completed the sale of its interest in Grupo Energía Gas Panamá, a joint venture formed for the Gatun combined cycle natural gas development project, to AES Panama, a 49%-owned consolidated subsidiary. As a result of the transaction, the Company’s effective ownership in Grupo Energía Gas Panamá decreased from 49% to approximately 24%. As the Company still does not control the investment after this transaction, it continues to be accounted for as an equity method investment and is reported in the Energy Infrastructure SBU reportable segment.

sPower — In December 2022, the Company agreed to sell 49% of its indirect interest in a portfolio of sPower's operating assets ("OpCo B"). At the time the purchase and sale agreement was signed, a loss was expected upon closing the transaction. The expected loss on sale was identified as a triggering event and the Company evaluated whether its investment in sPower was other-than-temporarily impaired. Based on management’s estimate of fair value of $432 million, the Company recognized an other-than-temporary impairment of $175 million in Other non-operating expense in December 2022.

sPower primarily holds operating assets where the tax credits associated with underlying projects have already been allocated to tax equity investors. The application of HLBV accounting increases the carrying value of these investments, as earnings are initially disproportionately allocated to the sponsor entity. Since sPower does not have

any ongoing development or other value creation activities following the transfer of these activities to AES Clean Energy Development, the impairment adjusts the carrying value to the fair market value of the operating assets.

On February 28, 2023, sPower closed on the sale for $196 million. As a result of the transaction, the Company received $98 million in sales proceeds and recorded a pre-tax gain on sale of $5 million, recorded in Gain (loss) on disposal and sale of business interests. After the sale, the Company's ownership interest in OpCo B decreased from 50% to approximately 26%. As the Company still does not control but has significant influence over sPower after the transaction, it continues to be accounted for as an equity method investment. sPower is reported in the Renewables SBU reportable segment.

Alto Maipo — In May 2022, Alto Maipo emerged from bankruptcy in accordance with Chapter 11 of the U.S. Bankruptcy Code. Alto Maipo, as restructured, is considered a VIE. As the Company lacks the power to make significant decisions, it does not meet the criteria to be considered the primary beneficiary of Alto Maipo and therefore will not consolidate the entity. The Company has elected the fair value option to account for its investment in Alto Maipo as management believes this approach will better reflect the economics of its equity interest. As of December 31, 2023, the fair value is insignificant. Alto Maipo is reported in the Energy Infrastructure SBU reportable segment.

Barry — The Company holds a 100% ownership interest in AES Barry Ltd. ("Barry"), a dormant entity in the U.K. that disposed of its generation and other operating assets. Due to a debt agreement, no material financial or operating decisions can be made without the banks' consent, and the Company does not control Barry. As of December 31, 2023 and 2022, other long-term liabilities included $41 million and $39 million, respectively, related to this debt agreement. Barry is reported in the Energy Infrastructure SBU reportable segment.

Summarized Financial Information — The following tables summarize financial information of the Company's 50%-or-less-owned affiliates and majority-owned unconsolidated subsidiaries that are accounted for using the equity method (in millions):


	50%-or-less Owned Affiliates						Majority-Owned Unconsolidated Subsidiaries(1)
Years ended December 31,	2023		2022		2021		2023		2022		2021
Revenue	$	2,905	$	1,780	$	1,316	$	1	$	1	$	1
Operating loss	(28)		(361)		(53)		(1)		(1)		(1)
Net loss	(182)		(527)		(242)		(1)		—		(3)
Net loss attributable to affiliates	(157)		(405)		(40)		(1)		—		(3)

December 31,	2023		2022				2023		2022
Current assets	$	1,759	$	2,223			$	117	$	125
Noncurrent assets	7,569		7,522				533		643
Current liabilities	1,638		1,931				114		118
Noncurrent liabilities	4,085		4,040				572		677
Stockholders' equity	2,318		2,978				(30)		(26)
Noncontrolling interests	1,287		796				(6)		(1)

(1)The summarized financial information of Alto Maipo is not included in the table above as the Company is not the primary beneficiary, the fair value of the investment is insignificant, and the investment in Alto Maipo is not material to the financial results of the Company.

At December 31, 2023, retained earnings included $325 million related to the undistributed losses of the Company's 50%-or-less owned affiliates. Dividends received from these affiliates were $5 million, $47 million, and $25 million for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023, the aggregate carrying amount of our investments in equity affiliates exceeded the underlying equity in the net assets of our equity affiliates by $118 million.