AES Andes agrees to sell thermal units in Ventanas
December 11, 2024
- The buyer has expressed its commitment to honoring the agreements established in the Decarbonization Accord. The units remain critical to the security of the National Electric System.
- AES’ growth in Chile will focus on bolstering its leadership in renewable energy and storage, with investments exceeding USD $3 billion.
In line with its transformational strategy towards a renewable portfolio and with the AES Corporation’s intention to substantially exit coal globally by the end of 2025, AES Andes announced today the sale of its Ventanas Power Plant.
The transaction involves transferring the subsidiary Empresa Eléctrica Ventanas SpA to Quintero Energía SpA. This subsidiary operates two units, Ventanas 3 (267 MW) and Ventanas 4 (270 MW), located in the commune of Puchuncaví, Valparaíso Region.
The sale is intended to help meet the parent company’s goals without impacting the operation, security or efficiency of the National Electric System, considering that ceasing the plant’s operations is not yet feasible, as it would compromise the system’s efficiency and reliability.
“I would like to especially highlight and thank all the employees of the Ventanas Power Plant for their excellent work, dedication and significant contributions to the energy sector over the years. Their commitment and responsibility in its operations have been fundamental in providing reliable and affordable energy to the country, particularly after the reduction in gas imports from Argentina,” said AES Andes CEO Javier Dib.
He added, “AES currently holds the largest renewable project portfolio in Chile, with Environmental Impact Resolutions either approved or under evaluation. The company has invested over USD $1.9 billion in its renewable transition to date and will continue investing in Chile, innovating and responsibly contributing to the energy transition. We remain focused on developing and constructing new renewable projects and storage systems that will allow us to accelerate the energy future.”
Eduardo Escaffi, President of Quintero Energía, stated, “This transaction ensures efficient and secure energy supply to the electric system, which still needs all technologies to produce energy and ensure service quality, with two units meeting high operational standards. Our operations will align with the Government’s decarbonization plan and maintain commitments with workers and the community.”
The completion of the transaction is subject to customary conditions for this type of operation.
LarrainVial acted as financial advisor and the law firm Claro y Cia. as legal advisor for the transaction on behalf of the seller. Barros & Errázuriz Abogados acted as legal advisor on behalf of the buyer.
About AES Andes
AES Andes generates and sells energy in Chile, Colombia and Argentina. The company operates 5,657 MW in South America, alongside an extensive portfolio of renewable energy projects under development. It is one of the region’s leading energy generators, with a diversified portfolio including hydroelectric, wind, solar, energy storage, natural gas and coal plants.
Since launching the transformative Greentegra strategy in 2018, AES Andes has made significant strides in reducing the emissions intensity of its portfolio, investing over USD $1.9 billion to incorporate 1,504 MW of wind, solar, and battery capacity.
In Chile, AES and its subsidiaries own and operate 3,885 MW, comprising 1,645 MW of thermal power, 771 MW of hydroelectric, 431 MW of wind, 667 MW of solar photovoltaic, and 371 MW of battery storage systems, as well as desalination plants and transmission lines. The company has 572 MW of renewable capacity under construction and a contracted project pipeline exceeding 1,620 MW, with investments exceeding USD 2 billion between 2024 and 2027.
About Quintero Energía
Quintero Energía is a consortium of Chilean partners with experience in the energy sector. It was established in 2024 to acquire the Ventanas complex assets from AES Andes. These plants meet high operational standards and are specifically designed to ensure optimal waste management.