Global Infrastructure Partners (GIP) and AES Andes have agreed to expand its renewable energy partnership through their joint investment in a new portfolio of renewable projects. With this transaction, valued at US$441 million, the partnership between AES Andes and GIP will increase by 693 MW, including investments in Bolero Solar, Andes Solar IV, the San MatĂas Wind Farm and an additional battery system for Andes Solar IIa.
Under the new agreement, AES Andes received US$333 million in December 2023. GIP will contribute the balance of its investment as the agreed conditions are met and the projects under construction reach commercial operation.
As with the original partnership between the parties in 2021, on which Latham also advised, GIP will have a 49% stake and AES Andes will have a 51% stake in the companies developing new projects. The two companies’ partnership will now comprise a portfolio of more than 1,400MW in wind, solar and battery capacity in Chile.
Latham & Watkins LLP represented GIP in the transaction with a team led by partners Tony Del Pino and Carlos Ardila, counsel Eric Merrill, and associate Costanza Garcia.
