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SAN FRANCISCO (MarketWatch) -- AES Corp, the Virginia-based global power company, proudly announced Friday it has tapped into the Mother Lode to raise capital for its expansion plans: China Investment Corp.

In exchange, CIC gets 15% stake in AES . The deal also includes a letter of intent to sell 35% of AES's wind power business to this colossal Chinese sovereign wealth fund. See full story.

This is a great deal for the Chinese. While it raises about $1.58 billion for AES, CIC is scooping up 125.5 million shares of the stock at $12.60 apiece, a fat 9% discount to AES shares' $13.86 closing price on Thursday.

The move also perfectly fits CIC's plans to use the $100 billion war chest it's amassed to secure access to commodity companies around the world.

AES, whose power generation and transmission businesses span 29 nations, is thrilled with the deal. It raises cash to "fund growth opportunities and extend its global leadership in the power sector," according to the press release.

AES gets another $571 million from CIC if the wind power component goes through.

The deal will undoubtedly raise a few eyebrows in Washington and fan fears that China is snapping up strategic domestic assets. Don't worry. AES offers assurances that more than two-thirds of its revenue comes from overseas. In other words, less than a third is generated in the United States. But that includes the Indianapolis Power & Light Co.

AES President and Chief Executive Paul Hanrahan also assures shareholders that this deal throws wide open the gateway to Asia, backed by that huge stash of CIC cash.

Getting to it, of course, assumes the deal is approved by the Committee on Foreign Investment in the United States. That could prove tricky.

China tried to buy an American energy company back in 2005, unleashing a round of congressional grandstanding that ultimately put Unocal Oil Co. into Chevron's hands and sent the China National Offshore Oil Corp. packing. Of course, that was an all-out acquisition bid and it involved oil fields.

We'll have to see whether power plants fan the same passions.

One thing is certain, however. With that kind of wealth at their disposal and with the U.S. financial community in disarray, you can bet China is going to keep poking around for more energy assets. And some of the best bargains might be found right here.

-- Jim Jelter