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Colbún revealed a major operation. It informed the regulator on Friday afternoon that entered into a purchase and sale agreement for the acquisition of 100% of the shares of Inversiones Latin America Power SpA (ILAP), which, in turn, owns the companies San Juan SA and Norvind SA The operation, which will have to obtain the green light from the National Economic Prosecutor’s Office (FNE), involves US$ 401 million.
So, The Matte family power company will acquire the San Juan wind farms, located in the commune of Freirina, Atacama Region, and Totoral, located in Canela, Coquimbo Region, with 193.2 MW and 46 MW of installed capacity, respectively. Both parks are in operation.
As detailed in an essential fact to the Commission for the Financial Market (CMF), the closing of the transaction and, consequently, the acquisition of ILAP shares was subject to certain usual suspensive conditions for this type of operation, including the approval that must be granted by the FNE in accordance with the provisions of DL 211 of 1973.
The price of the transaction amounts to US$ 401 million, which – they say – “may experience variations due to the application of the adjustments stipulated in the respective contract, usual for this type of transactions.” The closing of the transaction will be informed once its materialization occurs in accordance with the terms agreed upon by the parties, at which time the corresponding adjustments to the transaction price will also be reported,” they indicated.
The legal manager of Colbún, Rodrigo Pérez, maintains in the letter addressed to the regulator that, “if the transaction is completed, it is not possible to anticipate or quantify the effects on the results and financial situation of the company, despite which it is estimated that the materialization of the transaction will have positive effects on them, being an operation that is considered beneficial for society.”
In a statement, Colbún explained that this acquisition will allow the company to “continue strengthening its presence in the north of the country, an area in which the Diego de Almagro Sur photovoltaic and battery park already operates in the Atacama Region (230 MW capacity installed and 32 MWh of storage) and where the final stage of construction of the Horizonte Wind Farm (816 MW) in the Antofagasta Region is being carried out.
The firm also stressed that this operation is also consistent with the important supply contracts that Colbún has been awarded with large mining and industrial clients in that area of the country.
Itaú and BTG Pactual advised on the sale to ILAP and Tyndall to Colbún
Renewable crisis
ILAP, a Chilean renewable energy generation company that manages the San Juan and Totoral wind farms in northern Chile, announced on January 15 the exit from its Chapter 11 restructuring, after the Bankruptcy Court of the Southern District of Nueva York will approve its reorganization plan on January 3.
The The firm’s restructuring began amid the financial problems facing some renewable firms. As indicated at the time, this crisis is attributed to various factors, including the impact of the stabilization laws, and also, from inefficiencies in transmission planning and other elements that together have led to a decoupling in the market. spot.
“The restructuring allows ILAP to meet its contractual obligations with its regulated and non-regulated customers, while continuing to supply clean energy into the country’s energy system,” they said in a statement in January.
