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

• Latin American power business AES Andes SA claimed that it has marketed a 49% risk in its renewable energy affiliate in Chile to money manager Global Infrastructure Partners (GIP) for USD 441 million (EUR 373.5 m).

As part of the purchase, the associate, Chile Renovables SpA, will certainly get several of AES Andes' special objective cars (SPVs) that jointly have 734 MW of wind, solar as well as storage assets presently in operation or unfinished in Chile.

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

Chile Renovables will likewise come to get SPVs holding 2 solar as well as 3 wind farm advancements once the projects reach commercial operation date (COD) as well as various other conditions are fulfilled, AES Andes said.

The procurements will certainly encompass Andes Solar II An as well as Andes Solar II B solar parks, the last with 112-MW battery, as well as the Los Olmos, Mesamavida as well as Campo Lindo wind farms, all of which combined with Los Cururos will certainly amount to 734 MW of set up capacity.

The agreement with GIP additionally includes the choice to obtain a 2nd block of possessions under the exact same terms and conditions in the future, AES Andes claimed. The Santiago-based firm will continue to be as the regulating shareholder of Chile Renovables with a 51% stake