AES Gener starts to build the Alto Maipo hydroelectric energy megaproject in Chile

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The 531 MW hydroelectric project, 60% owned by AES Gener and 40% by Antofagasta Minerals (AMSA), involves an investment of approximately US$ 2.05 billion, which will be financed with loans of up to US$ 1.217 billion, and capital provisions from AES Gener and AMSA proportionate to their respective stakes.
The financing was organised in a Project Financing structure over a 20-year period by a syndicate of multilateral and commercial banks, both Chilean and foreign, made up of Overseas Private Investment Corporation (OPIC), Banco Interamericano de Desarrollo (BID), International Finance Corporation ( IFC), Corpbanca, Banco de Crédito e Inversiones, Banco Itaú Chile, Banco del Estado de Chile, KfW Ipex-Bank GmbH and DNB Bank ASA, in compliance with strict international environmental and social standards.
The following will take part in building Alto Maipo: the Austrian firm Strabag SpA, the Chilean subsidiary of Austria Strabag AG, and Constructora Nuevo Maipo SpA, a consortium between the German firm HOCHTIEF A.G. and the Italian company CMC Di Ravenna, which will be in charge of building the tunnels; for their part, the subsidiaries in Brazil and Chile of the German firm Voith Hydro will be responsible for supplying and assembling the electromechanical equipment in the plants.
The General Manager of AES Gener, Luis Felipe Cerón, indicated that it will start working around 2018, adding: “it is a key initiative for the country’s development. Together with our Cochrane plant, located in the Large Northern Interconnected System (SING), these are the most important projects under construction and will enable us to meet the country’s increasing energy demands”.