(AES Andes)  SANTIAGO JULY 15. AES Andes continues to advance in the execution of its Greentegra strategy, with the incorporation of a strategic partner in its wind, solar and battery assets currently in operation or under construction in Chile.

With the transaction announced today, Global Infrastructure Partners (GIP) will join AES Andes as a partner in its renewable growth.

GIP, through the payment of $441 million dollars, will own a 49% stake while AES Andes will remain the controlling shareholder with 51% in Chile Renovables SpA, owner of Parque Eólico Los Cururos SpA, who’s wind farm is currently in operation. Once Andes Solar IIa, Andes Solar IIb, Los Olmos, Mesamávida and Campo Lindo achieve full COD, Chile Renovables SpA will acquire the projects for a total of 734 MW.
The CEO of AES Andes, Ricardo Falú, indicated that “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”.

Falú added that “with this operation AES Andes ensures 100% of the financing of the 2.3 GW renewable expansion by 2024, of our Greentegra strategy”.

The agreement with GIP includes the sale of 49% of the 734 MW renewable asset portfolio and the option to acquire a second block of assets under the same terms and conditions in the future.
The CFO of AES Andes, Ricardo Roizen, added “this transaction reflects a very attractive valuation of approximately 15x EV/EBITDA on a run rate basis for a minority stake in our renewable assets and allows us to access capital at a competitive rate to accelerate our transformation”.

About AES Andes
AES Andes is a provider of energy solutions in Chile, Colombia and Argentina and aims to accelerate the future of energy, together. The Company has an installed capacity of 5,138 MW in the three countries in which it operates and a broad portfolio of renewable energy projects under construction and under development. The Company is one of the main electricity generators in Chile and is executing an expansion plan to add 2.3 GW of renewable energy capacity and batteries to its portfolio by 2024, of which 1,133 MW are currently under construction.

AES Andes’ portfolio includes wind, solar, hydroelectric, biomass, gas and coal power plants, as well as battery-based energy storage systems.
AES Andes is 67.0% owned by The AES Corporation.
For more information about AES Andes, visit www.aesandes.com
Follow AES Andes on Twitter @AES_Andes

About Global Infrastructure Partners 
Global Infrastructure Partners (“GIP”) is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses.

GIP targets investments in the energy, transport and water/waste sectors in both OECD and select emerging market countries.

GIP’s teams are located in 10 offices: London, New York, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong.

GIP’s credit platform (“GIP Credit”) provides financing solutions and makes debt and non-common equity investments in infrastructure assets and companies.
For more information, visit www.global-infra.com