AES Andes, the Chilean arm of global energy company AES Corporation, has brought in US investment fund Global Investment Partners (GIP) to help finance the development of its pipeline of wind and solar projects in Chile.
Under the deal, GIP has agreed to pay $441 million to acquire a 49% stake in AES subsidiary Chile Renovables. The latter currently owns AES’s 140MW Los Cururos Los Cururos (140MW) OnshoreOvalle, Coquimbo Region, Chile, Central & South America Click to see full details wind farm and will acquire a series of AES renewable projects as they achieve commercial operation.
According to AES Andes CEO Ricardo Falú, the deal ensures financing of AES’s 2.3GW expansion into renewables through 2024.
Projects covered by the deal include the 110MW Los Olmos Los Olmos (110MW) OnshoreMulchén, Bio Bio, Chile, Central & South America Click to see full details, 68MW Mesamávida Mesamávida (68MW) OnshoreLos Ángeles, Bío Bío Region, Chile, Central & South America Click to see full details and 73MW Campo Lindo Campo Lindo (73MW) OnshoreLaja, Bío Bío Region, Chile, Central & South America Click to see full details wind farms, all currently under construction, plus two solar photovoltaic projects. In total the projects involved will have an installed capacity of 734MW.
"This transaction… allows us to access capital at a competitive rate to accelerate our transformation [towards more renewable energy],” said AES Andes CFO Ricardo Roizen.
GIP will also have the option to acquire a second block of assets under the same terms and conditions.
This is not the first time the two companies have worked together. In 2014, AES sold GIP a 50% stake in Empresa Eléctrica Guacolda, a large thermoelectric complex in northern Chile.
“We are very proud to form this strategic partnership with GIP, one of the world leaders in renewable investment, in order to continue accelerating our growth and thus decarbonize our portfolio, make our clients supply more sustainable and transform the energy matrix of Chile,” said Falú.
