August 12, 2021
AES Andes (a subsidiary of AES Corporation) has announced that Global Infrastructure Partners (GIP) acquired a 49% stake in a renewable energy portfolio in Chile. AES Andes will retain a 51% stake. The US$441 million deal, which announced on July 15, closed July 29, 2021. The portfolio consists of three solar power generations projects and three wind development projects, having an aggregate capacity of 734 MW. Under the agreement, GIP also has an option to acquire a similar interest in a future portfolio.
Latham & Watkins LLP advised GIP on the matter, with a New York/Washington D.C.-based deal team led by partner Tony Del Pino with counsel Aaron Hullman and associate Saso Kraner. Advice was also provided on project finance by partner David Penna with associates Carlos Ardila, Costanza Garcia, and Andres Fonseca and on funds matters by New York partner Andrea Schwartzman with associate Erin Bergey.