France’s EDF, in a joint venture with the Chilean electricity company AME, finalized the acquisition of AES Gener’s 750MW of flexible generation capacity (gas and peak demand).
These assets will enable the EDF Group to further develop renewable energy projects in Chile by compensating for fluctuations in wind and solar output, the company said in a statement.
The transaction involves the Nueva Renca natural-gas combined-cycle power plant (379 MW) and three peak-demand combustion turbines, Los Vientos (132 MW), Santa Lidia (139 MW) and Renca (100 MW).
These assets are jointly held with AME and 75 percent of the transaction has been financed through a variety of bank loans.
Through this joint acquisition, EDF and AME are strengthening their collaborative relationship and their position on the Chilean electricity market.
Both companies are already partners in the Santiago Solar power plant (115MWp) and in a gas-to-power project comprising a combined-cycle plant (Central el Campesino) and LNG storage and regasification infrastructure (GNL Penco).
The development of renewables combined with peak-demand capacity is one of Chile’s key energy-transition strategies. The country is seeking to increase the proportion of renewables in its energy mix to 60 percent by 2035 while also phasing out coal-fired plants by 2050.