Abu Dhabi sovereign wealth fund Mubadala is reportedly exploring a minority investment in Italy’s Ansaldo Energia, potentially bringing one of the Middle East’s largest institutional investors into a company that has suddenly found itself at the center of the global race to power artificial-intelligence data centers.
According to Corriere della Sera, Mubadala has opened discussions with CDP Equity, the investment arm of Italy’s state-backed Cassa Depositi e Prestiti, which owns about 99.6% of Ansaldo Energia. Other Gulf investors have also reportedly expressed interest.
No transaction has been announced.
The structure, valuation and size of any potential Mubadala investment remain undecided, and CDP has not publicly confirmed the reported negotiations.
But the interest arrives at a remarkable moment for Ansaldo.
After years of financial difficulties, the Genoa-based power-equipment manufacturer returned to profit in 2025 just as demand for large gas turbines began accelerating — driven in part by the enormous electricity requirements of AI data centers.
Why Mubadala Is Looking At Ansaldo
The reported interest is about much more than a traditional power-equipment company.
Ansaldo Energia is benefiting from a convergence of several major trends: rapidly expanding electricity demand, AI data-center construction, grid constraints and the need for reliable power that can complement renewable generation.
Corriere della Sera reported that demand for large gas turbines currently exceeds available supply and that turbine prices have increased dramatically in recent years.
That shortage has transformed equipment manufacturers into strategically important assets.
Data centers can require enormous amounts of electricity around the clock.
Solar and wind generation are expanding rapidly, but their output varies according to weather and time of day.
Gas-fired generation can provide dispatchable power when electricity demand is high or renewable generation is unavailable.
That makes large gas turbines an increasingly important component of the infrastructure being built around the AI economy.
Ansaldo Has Already Turned The Corner
The timing of Mubadala’s reported interest is particularly notable because Ansaldo Energia has just emerged from a difficult financial period.
The company’s official 2025 results show a €20 million net profit, compared with years of losses.
Revenue increased 10% to €1.2 billion, while orders jumped 24% to €2.3 billion.
Adjusted EBITDA reached €140 million, while EBIT returned to positive territory at €31 million.
Those numbers provide a very different picture from the financial problems that previously surrounded the company.
Ansaldo is now positioning itself for expansion rather than simply financial stabilization.
Its 2026–2030 industrial plan calls for revenue of more than €2 billion by 2030, supported by growth in gas turbines, steam turbines, generators, synchronous condensers, services and other businesses.
That growth plan could require significant investment.
A strategic minority investor could potentially provide additional capital and international connections while allowing CDP to retain control.
AI Is Creating A New Market For Gas Turbines
The most intriguing part of the story is the connection between Ansaldo’s turbines and artificial intelligence.
AI models require data centers.
Data centers require electricity.
And the world’s biggest technology companies are racing to build facilities capable of consuming extraordinary quantities of power.
That is creating a new bottleneck.
The issue is no longer simply how many chips can be manufactured.
It is increasingly about whether the electricity grid can deliver enough power to run those chips.
Corriere della Sera reported that demand for large gas turbines from the data-center industry is exceeding supply, with some manufacturers accepting orders several years into the future.
That changes the economics of turbine manufacturing.
The equipment that once primarily served conventional power stations is now becoming part of the infrastructure supporting the world’s fastest-growing technology sector.
Ansaldo Is Already Back In The US
Ansaldo’s opportunity is not limited to Europe or the Middle East.
In July, the company announced its return to the US market with an order for eight AE64.3A gas turbines and generators for a data-center project in Texas.
The contract is strategically significant because the United States is experiencing one of the world’s largest data-center construction booms.
Ansaldo’s return therefore gives it exposure to a market where electricity availability has become a major constraint on new AI infrastructure.
The Texas order also demonstrates why the company’s turbine business is attracting attention beyond its traditional European customer base.
The Abu Dhabi Connection Is Already There
Mubadala’s reported interest would not be Ansaldo’s first relationship with the United Arab Emirates.
The company has operated in Abu Dhabi for roughly three decades, according to Corriere della Sera.
Ansaldo has a facility there employing about 250 people focused on turbine-blade repairs for the Middle Eastern market.
The company also operates one of its turbine-monitoring centers in Abu Dhabi, alongside its center in Genoa.
That existing footprint could make an investment by a major Abu Dhabi institution strategically easier to integrate.
Ansaldo also won an order in 2025 for four turbines for the Al Dhafra power plant near Abu Dhabi, according to Corriere. The project is expected to supply power including to an AI data center.
So the potential investor and target company already have a meaningful geographic connection.
CDP Wants To Keep Control
The reported discussions do not appear to involve a full sale.
Corriere della Sera said CDP Equity intends to maintain control of Ansaldo because it considers the company strategically important to Italy.
That means any Mubadala investment would likely be structured as a minority position.
CDP’s own portfolio information lists Ansaldo Energia at a 99.6% ownership stake through CDP Equity.
The potential transaction could therefore bring foreign capital into the company without removing it from Italian state control.
For Italy, that could be an attractive structure if the objective is to obtain additional investment while maintaining strategic oversight of a major industrial asset.
Why The Middle East Is Hunting For Turbines
Mubadala’s reported interest also fits a broader Middle Eastern investment trend.
Gulf sovereign wealth funds have been increasing their exposure to infrastructure, energy, technology and industrial assets.
The region itself is experiencing enormous electricity demand from data centers, industrial projects, desalination, manufacturing and urban expansion.
At the same time, Gulf governments are investing heavily in AI infrastructure.
That creates a direct strategic link between AI investment and power-generation equipment.
For sovereign investors, the attraction is therefore not simply owning a manufacturer.
It is potentially gaining exposure to a critical piece of the infrastructure required to expand the digital economy.
Turbine Supply Has Become A Bottleneck
The global turbine market is facing a problem that would have been difficult to imagine a few years ago.
Manufacturing capacity is limited.
Orders for large machines require long lead times.
And technology companies are increasingly competing with conventional utilities for equipment.
Corriere della Sera reported that US manufacturer GE Vernova, one of the world’s major turbine suppliers, is accepting orders with delivery dates extending beyond 2031.
That illustrates the scale of the supply constraint.
If data-center developers cannot obtain turbines quickly, their ability to bring new power generation online can become a limiting factor for construction schedules.
The bottleneck therefore moves from semiconductors to steel, manufacturing capacity, engineering and power infrastructure.
Gas Is Becoming A Bridge To The AI Power Economy
The resurgence of interest in gas turbines does not necessarily mean the world is abandoning renewable energy.
Instead, gas-fired generation can provide dispatchable electricity alongside solar, wind, batteries and other technologies.
Ansaldo’s own 2026–2030 plan specifically identifies strong demand for dispatchable energy sources, including natural gas, as one of the drivers supporting its growth outlook.
The company is simultaneously investing in other energy-transition technologies.
Its plan includes expansion of its nuclear business and the development of electrolyzers for hydrogen production.
Ansaldo Green Tech also announced in September that it had completed a high-volume AEM electrolyzer stack production line in Genoa.
That gives the company a broader energy portfolio than gas turbines alone.
The Nuclear Business Adds Another Strategic Layer
Ansaldo’s strategic importance extends into nuclear power.
The company operates through Ansaldo Nucleare, which provides technology and services to the nuclear industry.
In July, Ansaldo Energia announced an agreement with RINA aimed at developing Italy’s nuclear supply chain.
That is significant as European governments reconsider nuclear power as part of their long-term energy-security strategies.
For a potential strategic investor, Ansaldo therefore offers exposure to multiple areas of the changing global power system:
- Gas turbines
- Power-generation services
- Grid equipment
- Nuclear technology
- Hydrogen and electrolyzers
- Data-center power infrastructure
The Potential Deal Is Still Far From Certain
The most important caveat is that there is no completed Mubadala-Ansaldo transaction to announce yet.
The reported talks could lead to an investment, but the final structure, valuation and ownership percentage have not been disclosed.
CDP has not publicly confirmed the reported negotiations.
That means the reported interest should be viewed as a potential transaction rather than an agreed acquisition.
There is also an important financial distinction.
If Mubadala were to purchase existing shares from CDP, the proceeds would primarily go to the selling shareholder.
If it participated in a capital increase, the new money could instead flow directly into Ansaldo to finance expansion, acquisitions, research or industrial capacity.
Which structure is ultimately chosen would significantly affect the company’s balance sheet and growth capacity.
Ansaldo’s Order Book Is The Real Prize
The most important asset may ultimately be the company’s growing order book.
Ansaldo reported €2.3 billion of orders in 2025, up 24% from the previous year.
That figure shows that the company’s recovery is not based solely on cutting costs.
Customers are ordering its equipment.
The challenge now is execution.
Large turbine projects require substantial engineering, manufacturing capacity, supplier coordination and working capital.
Winning orders is one thing.
Turning those orders into revenue, cash flow and sustainable margins is another.
Ansaldo’s industrial plan explicitly identifies improved operating cash flow and reduced net financial debt as financial objectives through 2030.
A Gulf Investment Could Accelerate That Expansion
If Mubadala ultimately invests, Ansaldo could gain more than capital.
The Abu Dhabi fund has a global portfolio and extensive relationships across energy, infrastructure and technology.
A minority investment could potentially strengthen Ansaldo’s position in the Middle East while supporting its international expansion.
That could be especially relevant as Gulf countries build new data centers and industrial facilities requiring reliable electricity.
For Mubadala, meanwhile, the investment would provide exposure to an industrial company positioned at the intersection of energy security, AI infrastructure and the global electricity-demand boom.
The AI Boom Is Turning Power Equipment Into A Strategic Asset
This is perhaps the biggest story behind the reported negotiations.
The AI revolution has created enormous demand for computing power.
But computing power ultimately depends on physical power.
Every new data center needs electricity, cooling systems, transmission capacity and generation equipment.
That means companies capable of supplying the machinery needed to produce and manage that electricity are increasingly becoming part of the AI investment story.
Ansaldo is one of those companies.
Its 2025 recovery, expanding order book, US data-center contract and existing Middle Eastern footprint help explain why it has attracted attention from Gulf investors.
The Next Move Could Be Bigger Than A Minority Stake
For now, the reported Mubadala discussions remain preliminary.
But if an agreement emerges, it could mark a significant new phase for Ansaldo Energia.
CDP would retain control.
Mubadala would gain exposure to a European industrial company benefiting from the global race to build AI infrastructure.
And Ansaldo would potentially gain another source of capital and international reach just as demand for its core products is accelerating.
The company has already gone from years of losses to profitability.
Its orders are growing.
Its US business is returning.
Its Middle Eastern footprint is established.
And its turbines are increasingly being connected to the most important infrastructure buildout in the technology industry.
The intriguing question now is not simply whether Mubadala will invest in Ansaldo Energia — but whether the AI power boom has turned this once-troubled Italian manufacturer into a strategic asset that global investors can no longer afford to ignore.
