v3.26.3
Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Equity . EQUITY
Paid In Capital

During the nine months ended September 30, 2026 and 2025, IPALCO received equity contributions from shareholders totaling $86.5 million and $410.0 million, respectively. In October 2026, IPALCO received additional equity contributions from shareholders totaling $88.5 million. IPALCO then made the same investments in AES Indiana. The proceeds from the equity contributions are intended primarily for funding needs related to AES Indiana’s capital expenditure program. The equity contributions were made on a proportional share basis and, therefore, did not change La Caisse’s or AES’ ownership interests in IPALCO.

Equity Transactions with Noncontrolling Interests

In February 2026, AES Indiana sold additional noncontrolling interests in the Petersburg Energy Center to the tax equity investor, resulting in a $119.9 million increase to “Noncontrolling interests."

In March 2025, as a result of the Pike County BESS project being placed in service, the noncontrolling ownership interest of $38.1 million was reclassified from “Redeemable stock of subsidiaries” to “Noncontrolling interests” on the Condensed Consolidated Balance Sheets. Subsequently, AES Indiana sold additional noncontrolling interests to the tax equity investor, resulting in a $150.2 million increase to “Noncontrolling interests."