Carey assists Codelco in signing PPA with AES Andes
Carey has assisted Codelco in signing a power purchase agreement (PPA) with AES Andes to supply 210 MW of renewable energy capacity to Codelco between 2023 and 2040.
In addition, the advisory also included the modification of two other PPAs for the supply of Codelco’s Ministro Hales and Radomiro Tomic divisions.
This transaction was signed on 30 December 2022, where Claro & Cía acted as advisor to AES Andes.
The contract also provides mechanisms for the accreditation of renewable supply through renewable energy certificates. Two other PPAs, signed by the parties in August 2011, were also amended to ensure consistency between these agreements and the new PPA – which becomes preferential for Codelco’s supply – and to move towards 100% renewable supply. The new terms agreed will be in force until 31 August 2028.
Gabriela Campos acted as in-house lawyer for Codelco, while María Paz Cerda acted as in-house lawyer for AES Andes.
Claro & Cía’s team included partner Ariel Mihovilovic and associate Bastián Cabrera.
Carey’s team was led by partner José Miguel Bustamante (pictured left), with support from associates Pablo Morales (pictured right) and Santiago Lagos.
