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Latin American power company AES Andes SA has agreed to sell a 49% stake in its 693-MW renewables portfolio in Chile to Global Infrastructure Partners (GIP) in its second joint investment deal with the global fund manager.
The transaction, valued at USD 441.4 million (EUR 400.5m), encompasses stakes in special purpose vehicles behind the Bolero Solar, Andes Solar IV, San Matias Wind projects, expansions of Andes Solar II A and Andes Solar II B plants and a battery storage system for Andes Solar II A.
AES Andes said on Thursday that it will receive USD 333 million in December 2023. GIP will pay the remainder once agreed conditions are met and as the projects reach commercial operation. This does not apply to the Bolero solar farm since it is already operational, the Chile-based power company said.
The projects will be transferred to a new company, Chile Renovables II SpA, which AES Andes will control with a 51% stake, with GIP taking 49%.
The latest agreement mirrors the one that AES Andes and GIP struck in July 2021, involving a stake sale and joint investment in 734 MW of wind, solar and storage assets in Chile.
Ricardo Roizen, CFO of AES Andes, said the new GIP deal enables the company to secure a large part of the financing needed to realise AES Andes’ growth plan in Chile in the coming years.
(USD 1.0 = EUR 0.907)
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