Tony Del Pino and Carlos Ardila

L&W counsels GIP on expanding renewable energy partnership with AES Andes

Latham & Watkins has counselled Global Infrastructure Partners (GIP) on an agreement with AES Andes to expand their renewable energy partnership through their joint investment in a new portfolio of renewable projects. With this transaction, valued at $441 million, the partnership between AES Andes and GIP will increase by 693 MW.

Under the new agreement, AES Andes received USD 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 in the original partnership between the parties in 2021, GIP will have a 49% stake and AES Andes a 51% stake in the companies developing new projects.

The partnership of the two companies will now comprise a portfolio of more than 1,400 MW of wind, solar and battery capacity in Chile, including investments in Bolero Solar, Andes Solar IV, the San Matias Wind Farm and an additional battery system for Andes Solar IIa.

The L&W team was led by partners Tony Del Pino (pictured left) and Carlos Ardila (pictured right), with support from counsel Eric Merrill, and associates Costanza Garcia and Javier Arreola.

L Giselle Estrada