AES Andes sells 49% stake in 734-MW renewables portfolio to GIP

Latin American power company AES Andes SA said that it has sold a 49% stake in its renewable energy affiliate in Chile to fund manager Global Infrastructure Partners (GIP) for USD 441 million (EUR 373.5m).

As part of the transaction, the affiliate, Chile Renovables SpA, will acquire several of AES Andes’ special purpose vehicles (SPVs) that collectively own 734 MW of wind, solar and storage assets currently in operation or under construction in Chile.

The first SPV to be acquired is Parque Eolico Los Cururos SpA, which owns the 110-MW operational wind farm Los Cururos. AES Andes, then AES Gener, bought the wind farm from Colombian peer Empresas Publicas de Medellin ESP (EPM) in 2019.

Chile Renovables will also come to acquire SPVs holding two solar and three wind farm developments once the projects reach commercial operation date (COD) and other conditions are met, AES Andes said.

The acquisitions will encompass Andes Solar II A and Andes Solar II B solar parks, the latter with 112-MW battery, and the Los Olmos, Mesamavida and Campo Lindo wind farms, all of which combined with Los Cururos will add up to 734 MW of installed capacity.

The agreement with GIP also includes the option to acquire a second block of assets under the same terms and conditions in the future, AES Andes said. The Santiago-based company will remain as the controlling shareholder of Chile Renovables with a 51% stake.

(USD 1.0 = EUR 0.847)

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