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AES Gener okays $500 million capital hike to pay for 1.6 GW of new renewables

Christian Fernsby |
Santiago-based power company AES Gener said Thursday its shareholders had approved a $500 million (EUR 461.5m) capital increase to finance in part the addition of 1.6 GW of wind and solar power capacity in Chile and Colombia.

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Topics: AES GENER   

The proceeds, from what the company said would be the largest capital hike in its history, will form part of a $1.8 billion investment pot dedicated to building the planned renewables.

US power giant AES Corp (NYSE:AES), the controlling shareholder with a 66.7% stake, has announced its intention to participate in the capital increase in proportion to its share capital. Pension funds in the shareholding structure have unanimously supported the proposal, AES Gener said.

The 1.6-GW addition will make up 51% of the company’s installed capacity in 2024, while 66% of its earnings before interest, taxes, depreciation and amortisation (EBITDA) will come from renewable energy that year, said Ricardo Manuel Falu, the AES Gener CEO.

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