Climate Changed

This Activist Is Taking a Stake in a Power Generator to Push for Clean Energy

Fund founder Jeffrey Ubben to join board to help in transition
AES has plan to sell coal plants, invest in more renewables

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By Mark Chediak and Scott Deveau

January 17, 2018 at 9:08 PM UTC

Updated on

January 18, 2018 at 3:03 PM UTC

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Activist investor ValueAct Capital Management has taken a stake in international power producer AES Corp., and the fund’s founder Jeffrey Ubben will join its board to help push for cleaner energy resources.

Ubben will work with AES on the company’s plan to sell coal assets, reduce debt and develop more solar power and battery storage. Shares of AES jumped as much as 10 percent, the most since 2010, and traded 9.7 percent higher at $11.76 as of 9:49 a.m. in New York.