The Chilean power company Gener is planning to sell more than $800 million in assets under a restructuring process following it acquisition by the US power company AES. The latter took control of 95.7 per cent of Gener in December following a public tender offer and share swap.
AES has said it intends to focus on Gener’s Chilean electricity business and divest other, non-core, holdings. The $800 million will include the planned sale for $450 million of Gener’s Argentine electricity and power transmission operation to the French company TotalFinaElf. This deal was agreed in November.
In Chile, Gener will sell its port operations Ventanas and Portuaria Cabo Froward as well as maritime shipping units CCNI and Pacsa. These deals may be completed before the end of the month.
Most the funds released by these sales will be reinvested in the energy sector in Chile.