PRESS RELEASES

Today, AES Gener’s Board of Directors agreed to call an extraordinary shareholder meeting on December 17, 2019.

The meeting will aim to discuss and agree on the creation of a program for the acquisition of the Company’s shares under the terms established in article 27, number 4 of the law on Public Limited Companies.

For more information, visit Shareholders – Shareholders Meetings

The Company recorded EBITDA of US$237 million in the third quarter of 2019, 2% above the US$232 million achieved in the same period in 2018 due to better operational performance in Colombia and Argentina partially offset by the deconsolidation of assets sold in Chile during 2018.

  • EBITDA in the Chilean market reached US$136 million, down 3% from the third quarter of 2018. The lack of contributions from Compañía Transmisora del Norte Grande (CTNG) sold last year, lower Contract sales volume and lower coal-fired generation due to scheduled maintenance at Ventanas Complex, were the main negative drivers. Operational efficiencies and lower spot purchase prices helped offset the decline.
  • EBITDA in Colombia reached US$85 million in the third quarter of 2019, representing an 8% increase over the same period in 2018. The higher spot prices in the third quarter due to drier hydrology boosted spot revenues was the main driver for the increase in Colombia. This positive driver was partially offset by the negative effect of the depreciation of the Colombian Peso against the US Dollar, lower contract prices, and the decrease in generation due to lower inflows.
  • EBITDA in Argentina reached US$16 million during the third quarter of 2019, representing a 16% increase. Higher contract sales margins and the positive impact of the depreciation of the Argentine Peso against the US Dollar on ARS denominated fixed costs were the main reason for the increase. Lower spot sales prices associated to Res 1/2019 which took effect March 1, 2019, partially offset the positive drivers.

Net Income Attributable to Parent (“Net Income”) reached US$97 million in the third quarter of 2019, up 59% from the third quarter of 2018 driven by a decrease in other losses and better operating results in Colombia and Argentina.

HIGHLIGHTS AND RECENT EVENTS

Greentegra Strategy Execution

AES Gener S.A. (hereinafter referred to as AES Gener, Gener, or the Company) continues to expand its portfolio, incorporating new customers, increasing the supply of new energy contracts through its Greentegra strategy.

The company has signed 6.5TWh/year in Greentegra contracts to date in Chile and Colombia.

AES Gener continues advancing with the development of its +4,700MW pipeline of renewables and energy storage project pipeline.

 

Chile
  • The company signed a 440GWh/year long-term supply contract with Google in the third quarter. The PPA started supplying Google’s Latin America data center in 2019 and up until 2035. New wind and solar assets will provide renewable energy to Google’s operations in Santiago.
  • On September 17, AES Gener subscribed an agreement with Empresas Públicas de Medellín (EPM), for the acquisition of the 110MW Los Cururos wind farm, located in the Coquimbo Region in Chile, in operation since July 2014. The transaction also includes the acquisition of the La Cebada substation, which is part of the National Transmission System. The total price for both assets amounts to US$138 million. The transaction is subject to compliance with a series of preceding conditions, expected to be closed during the fourth quarter of 2019.
  • Construction of the 531MW Alto Maipo Hydroelectric Project is moving ahead. The total project completion to date is 82%, with 59 kilometers of tunnels excavated.
  • Construction has begun on the 80MW expansion of the Andes Solar plant in Chile’s Antofagasta Region, and at the Mesamávida (62 MW) and Los Olmos (101 MW) wind projects in southern Chile’s Biobio region.
  • The Campo Lindo (72 MW) wind project is on track to reach Ready to Build status by the end of 2019 in close to the town of Mulchén in southern Chile.
  • The company broke ground on its Virtual Reservoir Energy Storage pilot project in Chile, on April 26, 2019. The company is installing the proof of concept next to the existing Alfalfal I run-of-river hydro plant close to Santiago. The storage system will be able to supply 10MW over 5 hours and will provide the run of river hydro plant with the ability to store energy and later inject it into the grid during times of high demand. After its installation and entrance into operation, the company will evaluate the expansion of the energy storage system up to 250MW at the Cordillera hydro complex. AES Gener is a pioneer and leader in Latin America in energy storage with 52MW in operation in northern Chile.
  • On June 4, 2019, AES Gener signed a voluntary bilateral agreement with Chile’s Ministry of Energy of Chile for the Disconnection and Cease of Operations of the company’s oldest coal-fired units, Ventanas 1 and 2. The units will enter into the new Strategic Backup Operational State called “ERE,” once the authorities incorporate this new operational state into the current regulation. Ventanas 1 is expected to go into ERE in November 2022, while Ventanas 2 will do the same in May 2024. Both units are expected to remain in “ERE” for up to five years, collecting 60% of capacity payments, before ultimately being disconnected from the system.

 

Colombia
  • On October 18, 2019, with the presence of the President of the Republic of Colombia, the 21 MW Castilla solar plant in Colombia was inaugurated the first solar park for Ecopetrol in the municipality of Castilla. The plant will deliver energy over 15 years to the operations of Ecopetrol at the Castilla oil field. This agreement is one of the new contracts signed under the “GenerFlex” business solution, which offers a broad spectrum of energy services to new and existing clients.
  • In February 2019 the company completed the acquisition of five wind generation projects in Colombia totaling 648 MW in the Jemeiwaa-Kai Portfolio. Located in an area of abundant wind in the Guajira peninsula, the projects have a world-class capacity factor of approximately 54%. Most of these projects have guaranteed transmission capacity. Jemeiwaa-Kai is vital to support the transformation of the Company’s Colombian operations into a renewable energy growth platform while providing a strong complement to its existing hydro assets, bolstering long-term contracting efforts.
    • The largest project, 180MW Casa Eléctrica, was awarded a 20-year Reliability Charge for 324 GWh/year in late-February 2019.
    • In October 23, AES Chivor was awarded a total of 1.3 GWh/year associated to Jemeiwaa-Kai projects, Casa Eléctrica (180 MW) and Apotolorru (75 MW) in the Colombia’s Regulated Renewable Energy Auction. The auction assigned a total of 4.4 GWh/year in contracts at average awarded price was COP97 / kWh. Jemeiwaa-Kai’s project were awarded contracts at an average price of COP100/kWh.
  • AES Chivor signed a PPA with Gensa for 876 GWh/year starting in 2023 for 15 years. This contract is also under the “GenerFlex” strategy.
  • In total the company has signed 2.4TWh in long term contracts in Colombia with regulated and unregulated customers, with tenors ranging from 10 to 15 years. These longer tenor contracts provide certainty that allows us to move ahead with the development of renewable projects in Colombia.

 

Financial Highlights

  • The Shareholders voted to distribute approximately US$287 million in dividends during 2019, equal to 100% of Net Income in 2018. US$86 million was paid on May 24, 2019. The remaining $201 million will be paid on December 4, 2019.
  • Fitch and S&P Ratings reaffirmed AES Gener’s BBB- rating on August 6, and September 4, 2019 respectively.
    Moody’s reaffirmed AES Gener’s investment-grade rating on May 13, 2019.
    S&P
  • In March, AES Gener issued a 2079 hybrid bond for US$550 million at 7.125%, achieving a significant reduction interest rate compared to the 2073 hybrids bonds issued in 2013 at 8.375%. The proceed from the 2079 bond issuance were used to tender the US$450 million in outstanding 2073 notes as well as other general corporate uses.
  • In October, AES Gener issued a 2079 hybrid green bond for US$450 million at 6.35% The proceed from the 2079 bond issuance will be refinance Gener 2021 and 2025 bonds and to fund the acquisition of the Los Cururos wind farm as well as other to finance green projects. This is the first hybrid green bond issued in Latin America.
  • At the end of October, AES Gener’s subsidiary Empresa Eléctrica Cochrane issued US$915 million in a mix of local and international bonds at a blended rate of 5.9%, expiring in 2034. These two facilities will be used to prepay Cochrane’s existing Project Finance Facility, allowing the company to access a corporate-style, more flexible financing structure, releasing US$70 million of inefficient cash sitting in restricted accounts.

CONSOLIDATED FINANCIAL SUMMARY

The numbers presented in the report are rounded to millions; therefore, differences may arise with the financial statements.

 

Financial Summary (ThUS$) YTD YTD Var. 3Q 3Q Var.
2019 2018 % 2019 2018 %
Revenue 1,848,670 1,967,131 -6% 626,876 681,538 -8%
Gross Profit 488,764 526,919 -7% 194,073 184,415 5%
EBITDA (1) 619,180 654,520 -5% 236,800 231,882 2%
Net Income (attributable to AES Gener) 215,271 278,698 -23% 97,066 61,044 59%
Net Cash from Operations 275,439 230,637 19%
Earnings per share (US$) 0.026 0.033   0.012 0.007  

(1) EBITDA is calculated as the sum of gross profit plus administrative expenses, depreciation, and other minor adjustments.

 

 Below you will find the Earnings Report for the third quarter of 2019.

For historical info, please check out the Finacial section of our Investor Relations website

A conference call will be held tomorrow, Wednesday, November 6, 2019 at 12:30 PM Chile (10:30 AM ET).

To access the live webcast, log on at  https://edge.media-server.com/mmc/p/7jjk942q 

A recording of this webcast will also be available for approximately one year after the call.

Dividend: US$0.0239147/share
Payment date: December 4, 2019
Ex-Dividend Date: November 28, 2019

AES Gener will report its financial results for the Third Quarter of 2019 on Tuesday, November 5, 2019, after market close.

A conference call will be held on Wednesday, November 6, 2019, at 12:30 PM Chile (10:30 AM ET).

To access the live webcast, log on here

 

A recording of this webcast will also be available for approximately one year after the call.

 

In case you need further information, please contact:

 

Juan-Luis Carrasco, Head of Investor Relations at (+56 2) 2686 8842, Email: juan.carrasco@aes.com

John Wills, Investor Relations Analyst, at (+56 2) 2686 8811, Email: johnw.wills@aes.com

AES Gener and its subsidiary Norgener Renovables SpA have signed a sales and purchase agreement (“SPA”) for the acquisition of a 110MW wind farm and substation in northern Chile with EPM Chile S.A., the Chilean subsidiary of Empresas Públicas de Medellin E.S.P.

This transaction is part of AES Gener’s Greentegra strategy to increase renewable energy capacity in its portfolio, aligned with its commitment to reduce the carbon intensity of the Chilean power grid.

The 110MW Los Cururos wind farm is located in Chile’s northern 4th region, near the town of Ovalle.

The La Cebada substation is part of Chile’s SEN national power system.

The total price of the transaction is US$ 138mn subject to the terms and conditions of the SPA.

For further details please see the attached Material Fact in Spanish, the English Translation of the material fact or feel free to contact:

Juan-Luis Carrasco, Head of Investor Relations at (+56 2) 2686 8842, Email: juan.carrasco@aes.com

John Wills, Investor Relations Analyst, at (+56 2) 2686 8811, Email: johnw.wills@aes.com

 

Hecho Esencial – AES Gener- SPA Los Cururos

Material Fact – AES Gener SPA Los Cururos

AES Gener will report its financial results for the Second Quarter of 2019 on Monday, August 5, 2019, after market close.

A conference call will be held on Tuesday, August 6, 2019, at 10:30 AM Chile (10:30 AM EDT).

The Conference Call will be conducted in English and will be hosted by:

Ricardo Falú – Chief Executive Officer

Ricardo Roizen – Chief Financial Officer

 

Following the presentation, you will have an opportunity to participate in a Q&A Session.

To access the live webcast, log on at  https://edge.media-server.com/mmc/p/qhkugaiz

 

A recording of this webcast will also be available for approximately one year after the call.

 

In case you need further information, please contact:

 

Juan-Luis Carrasco, Head of Investor Relations at (+56 2) 2686 8842, Email: juan.carrasco@aes.com

John Wills, Investor Relations Analyst, at (+56 2) 2686 8811, Email: johnw.wills@aes.com

Today, AES Gener S.A. (the “Company”), together with the Ministry of Energy of Chile, signed a Bilateral Agreement for the Disconnection and Cease of Operations of its oldest coal-fired units, Ventanas 1 and Ventanas 2.

 

We are committing to put Ventanas 1 (114MW) and Ventanas 2 (208MW) into the new Strategic Reserve Operational State called “ERE”, once it’s implemented by the regulator.  Ventanas 1 is expected to go into ERE on November 1, 2022, while Ventanas 2 will do the same on May 1, 2024.  Both units are expected to be maintained as “strategic reserve” for 5 years, collecting 60% of capacity payments

 

 AES Gener’s take on the Agreement

  • We appreciate the agreement as it sets a path to gradually phase out coal assets from the system, with clear rules and in a manner that mitigates potential adverse impacts on the grid.
  • We are well positioned in this new scenario as approximately 70% of our coal plants were commissioned in the last 10 years.
  • Ventanas 1 and 2 were built in 1964 and 1977, respectively.
  • Our remaining portfolio will be key to ensure a smooth transition throughout 2040, by providing efficient and reliable 24/7 power supply with the latest emission abatement technology, supporting the addition of renewable capacity.
  • This agreement gives clarity as to what plants will go into ERE in the next five years.
  • In 2025, and every five years thereafter, the parties will set new targets for retiring coal units.
  • Under this status, units will be out of dispatch, but they must remain available to operate with a minimum of 60-days notice.

 

Attachments:
Original Spanish Agreement signed by AES Gener and the  Ministry of Energy of Chile

Original Spanish Annex regarding the Strategic Reserve Operational State called “ERE”

English translation of the Material fact sent to the CMV this morning.

 

Today, AES Gener, together with its subsidiary Sociedad Eléctrica Angamos closed the sale of Compañía Transmisora del Norte Grande (CTNG) to Chilquinta Transmisión a subsidiary of Chilquinta Energía for US$ 225.5 million

CTNG accounts for approximately 20% of the transmission assets in AES Gener’s portfolio, including 316km of lines and substations in the Chilean Regions of Valparaiso, Antofagasta and Metropolitan Region.

The sale of CTNG is part of the AES Gener’s strategy to maintain generation assets with long-term energy sales contracts within its portfolio and divest non-core assets.

The proceeds from the sale will primarily be used to pay debt and will have a positive effect of approximately USD 100 million on the results of the Company.

Here you can find an English translation of the original Material Fact submitted to the CMF in Spanish.

Today, the subsidiary of AES Gener in Colombia, AES Chivor, was awarded a contract for the construction and operation of Ecopetrol’s first solar park in the municipality of Castilla La Nueva, Colombia.

The solar farm will have an installed capacity of 20.4MW allowing it to supply a 15-year PPA with Ecopetrol’s Castilla oil field and become the largest off-grid solar project in Colombia.

Construction of the solar plant will begin in April 2019 and with operations starting in the second half of 2019. Once complete the project will effectively double the installed solar capacity of AES Gener.

Ricardo Manuel Falú, AES Gener CEO, said that the awarded contract is a key step in the implementation of the company’s new strategy to generate long-term relationships with its commercial partners, accelerating a more secure and sustainable energy future.

“We are very grateful for the trust Ecopetrol has placed in us and we hope this relationship will grow deeper and expand over time in order to fulfill our shared objective of having a diversified and sustainable energy matrix,” said Falú.

“This milestone marks an important step in Ecopetrol’s foray into solar energy projects and is aligned with the company’s goal of having a more diversified and cleaner energy matrix,” Ecopetrol CEO Felipe Bayón said.

Ecopetrol, the largest company in Colombia, is an integrated oil company and is among the 40 largest oil companies in the world and among the four largest in Latin America.

AES Gener and Minera Candelaria, controlled by the Canadian-based Lundin Mining Corporation, have signed a long-term renewable energy supply contract.

The new contract, for 1,100 GWh/year, will be supplied by AES Gener with renewable energy and agreed on terms for up to 18 years, starting in 2023. The contract will facilitate the long-term green energy supply to Minera Candelaria reducing costs and allowing for the continued optimization of the mining operations.

AES Gener’s CEO, Ricardo Manuel Falú, said that this contract is an important step in the implementation of the company’s new strategy, aimed at extending long-term relationships with its commercial partners and making the supply of electricity in Chile greener and more sustainable.

“The agreement with Minera Candelaria is framed within the new business solution of Green Blend and Extend (Blextend) of AES Gener, which extends the existing contractual and business relationship with our business partners based on a power supply completely renewable and competitive, aligned with our mission to improve lives by accelerating a safer and greener energy future”, said AES Gener’s CEO.

Falú added that the contract also establishes that AES Gener will work with Minera Candelaria in optimizing the electricity consumption, energy efficiency, energy storage, electromobility, self-generation, and back-up projects of the sites.

On the other hand, Phillip Brumit, President of Minera Candelaria said, “This strategic alliance with AES Gener is important for the future of our operations. It ensures the supply of vital energy to our production process aligned with a strong commitment to sustainability and innovation. This is another step that will help us fulfill our mission of being a world-class mining operation that contributes to the development and well-being of our workers, the communities, the Atacama Region and Chile.”

On September 28, 2018, the AES Gener board of directors unanimously voted to distribute the remaining US$129,163,303 in 2018 dividends approved in the shareholders meeting, on November 29, 2018.

The dividend of approximately US$ 0.0153759 per share will be paid to all shareholders of record at midnight on November 23, 2018.

Dividends will be paid in Chilean pesos unless shareholders otherwise request to receive US dollars.

The company has repurchased bonds totaling $528 million over the past 8 months in order to strengthen its capital structure

The offer to purchase bonds launched by AES Gener and Eléctrica Angamos during June had a good reception among investors.

Yesterday, when the early tender period expired, bonds totaling $200 million were tendered, out of which $100 million correspond to Eléctrica Angamos bonds due on 2029 and the remaining $100 million correspond to AES Gener bonds due on 2021.

Ricardo Roizen, Chief Financial Officer of AES Gener, stated that the objective of this transaction is to decrease the company’s leverage and strengthen its capital structure. He also noted that after this transaction is closed, AES Gener would reach $528 million in debt repurchases over the past 8 months, in line with expectations from rating agencies.

The bond repurchase transaction was led by J.P. Morgan and Itaú BBA USA Securities

AES Gener has been the largest energy generator in Chile since 2014. It owns 5,063 MW of installed capacity in the markets in which it operates and is currently building the largest energy project in Chile, Alto Maipo, which will contribute 531 MW of sustainable energy to the grid.

Today, AES Gener and its subsidiary Eléctrica Angamos signed an agreement with Chilquinta Energía to sell 100% of Compañia Transmisora del Norte Grande’s shares, which owns 316 km of the 1,536 km of transmission lines that the AES Gener group owns.

Proceeds from the sale will be used to repay debt in order to continue strengthening the Company’s capital structure

The sale price for these assets was $220 million, a value that will be subject to standard adjustments for this type of transaction.

AES Gener´s CEO, Ricardo Falu, said that the sale of these regulated transmission assets forms part of the company’s new strategy to concentrate on its core assets.
Proceeds from the sale will be used to repay debt in order to continue strengthening the Company’s capital structure
“The funds obtained through this transaction will be used to repay debt, in order to continue strengthening AES Gener’s capital structure” said Falú.

The transaction is subject to the approval of the Chilean anti-trust commission (FNE).

AES Gener has been the largest energy generator in Chile since 2014. It owns 5,063 MW of installed capacity in the markets in which it operates and is currently building the largest energy project in Chile, Alto Maipo, which will contribute 531 MW of sustainable energy to the grid.

BTG Pactual acted as financial advisor to the sellers.

Operation strengthens the capital structure to execute its growth strategy.

Today, AES Gener and its subsidiary Empresa Eléctrica Angamos announced that they have launched offers to purchase their outstanding senior notes maturing in 2021, 2025 and 2029.

The Early Tender Date of the debt buyback program is July 11, 2018, and the tender expiration date is July 25, 2018. Angamos’s bonds maturing in 2029 will have priority over AES Gener’s bonds, with a maximum repurchase amount of US $ 100 million. The second priority of the tender are the AES Gener bonds maturing in 2021 and finally the AES Gener bonds due in 2025. The maximum total amount of this bond tender offer is US $ 200 million.

The repurchase of these bonds will be paid with resources from both companies, therefore, there will not be a new issuance and the repurchased bonds will be retired.

The objective of this operation is to strengthen the capital structure of AES Gener by reducing dollar-denominated corporate debt.

This operation is part of the debt prepayment program that AES Gener began in 2017, to repurchase of more than US $ 560 million, including this offer, with the final objective of strengthening its capital structure.

Itau BBA USA Securities and J.P. Morgan are the Dealer Managers in the Tender Offers.

Today, the Company and its subsidiary Norgener Foreign Investment SpA (the “Sellers”), sold, ceded and transferred to Generadora Metropolitana SpA (who’s indirect shareholders are Andes Mining and Energy Corporate SpA, and EDF Chile SpA) (the “Buyer”), 100% of the shares of Sociedad Eléctrica Santiago SpA (the “Shares”), the company that owns the Renca and Nueva Renca power plants (Metropolitan Region), Los Vientos (V Region) and Santa Lidia (VIII Region).

The aforementioned transaction is part of the commitments made by the Sellers and the Buyer in the agreement signed on December 21, 2017 (the “Agreement”), which was informed to your Commission by a Material Fact, that same date. The sale price of the Shares amounts to USD$ 306,919,345 and is subject to the adjustments and other terms and conditions established in the Agreement.

The sale of the Shares is part of the strategy defined by the Company consisting in maintaining, in its portfolio, generation assets with long-term energy sales contracts.

The funds that the Company has received as a result of this operation are relevant to continue strengthening its capital structure and financing the Company’s growth plan.

Finally, in accordance with the provisions of Circular No. 988 of the Commission, we inform you that the operation reported in this Essential Fact will have a net positive effect on the Company’s results corresponding to the current fiscal year, of USD $ 71 million.

Subject to compliance with certain conditions precedent, Alto Maipo SpA (hereinafter “Alto Maipo”), subsidiary of AES Gener S.A., has successfully completed the financial restructuring process of the Alto Maipo Hydroelectric Project (hereinafter the “Project”). This process contemplates a lump sum, fixed price contract with Strabag, which assumes the geological and construction risks of the Project; with guaranteed completion dates and financial and corporate guarantees provided by Strabag to Alto Maipo. This financial restructuring will allow to fully cover the costs of the Project. The Company had already informed that Commission of the progress of said process in the Material Facts of July 31 and November 27, 2017. Although the documentation of this process with the lenders, contractors and owners of the project, has been signed, the finalization of the financial transaction is subject to wire transfers and other conditions which we expect to be fulfilled today.

1. One of the essential elements in this restructuring process was the signing on February 19, 2018, of a new construction contract between Alto Maipo and Strabag SpA (hereinafter “Strabag”) called “Amended and Restated Lump Sum Fixed Price Tunnel Complex Construction Contract” (hereinafter the” Construction Contract “), which includes, among others, the following relevant aspects:
a. Strabag will carry out the works under the modality of lump sum fixed price, assuming the geological and construction risk of the Project;
b. Strabag took over the construction of the works initially assigned to Constructora Nuevo Maipo S.A., in the sector of El Yeso and Volcán;
c. The Construction Contract includes guaranteed completion dates, which are backed by financial guarantees and by Strabag’s parent company, estimating the start of the operations of both plants towards the end of 2020;
d. Strabag will grant financing for part of the cost associated with the new Construction Contract; and
e. The agreement includes an increase in Strabag’s stake in Alto Maipo’s ownership, in the event of the timely completion of certain milestones in the construction of the Project.
2. The signing of the new Construction Contract with Strabag, in the terms outlined above, required the preparation of a new budget for the Project, which now totals 3,048 million dollars, and an additional 392 million dollars that will be paid to Strabag only after the completion of the total construction of the Project, over a 20-year term. This budget has been approved by the institutions that finance it, including the following terms, among others:
a. An additional capital contribution by AES Gener to the Project, of 200 million dollars will be contributed during construction in the same proportion as the lenders disburse their contributions, and up to 200 million in funds that will be provided once the lenders have finished disbursing all the committed debt and to the extent that the funds are required for construction.
b. The lenders have agreed to grant the rest of the already committed financing, up to a total amount of 688 million dollars, and to capitalize interests during the construction, which implies an additional commitment of approximately 135 million dollars.
c. The lenders have agreed to various modifications to the financing contracts of the Project and the financing commitments assumed by each of them.
d. Strabag has agreed to provide financing to the Project, by allowing the 392 million to be repaid over a 20-year period, starting from the end of construction of the Project. Strabag may increase, under certain conditions, its equity participation in Alto Maipo SpA.

Today’s financial restructuring agreement will allow to fully cover the estimated costs of the Project and continue with the development and construction of the Project, which to date is 64% complete. The construction of the Project has never stopped, and currently, more than 4,700 workers work there.

AES Gener held its annual shareholder meeting on April 27, 2018, in Santiago, Chile. The shareholders approved dividends for 2018 and elected a new Board of Directors.

The shareholders approved to pay a total of US$184,518,885 in dividends during 2018, equivalent to US$0.0219657 per share, approximately 100% of the Company’s 2017 net income.

  • The first dividend payment, totaling US$55,355,581, equivalent to US$0.0065897 per share, will be made on May 25, 2018.
  • The Board of Directors will determine the dates for one or more dividend payments for the remaining US$129,163,303 approved by the shareholders to be paid during 2018.

The shareholders appointed the following Board of Directors:

Andrés Gluski – Director
Arminio Borjas – Substitute Director
Radován Razmilic – Director
Francisco Morandi – Substitute Director
Bernerd da Santos – Director
Julian Nebreda – Substitute Director
Manuel Perez Dubuc – Director
Juan Ignacio Rubiolo – Substitute Director
Leonardo Moreno – Director
Gustavo Pimenta – Substitute Director
Gonzalo Parot Palma – Director
Luis Hernán Palacios – Substitute Director
Claudia Bobadilla Ferrer – Director
Antonio Kovacevic – Substitute Director

After the Shareholder Meeting, the new Board of Directors appointed:

  • Bernerd da Santos as Chairman
  •  Director Radován Razmilic and independent directors Gonzalo Parot Palma and Claudia Bobadilla Ferrer to form the Committee of the Board of Directors.

Continuing with the execution of its long term strategy consisting of maintaining in its portfolio generation assets with long-term energy sales contracts. AES Gener announced the sale of 100% of Sociedad Eléctrica Santiago SpA (ESSA) shares to Generadora Metropolitana SpA whose indirect shareholders are AME and EDF Chile.

The operation includes the sale of the Renca and Nueva Renca power plants (in the Metropolitan region), Los Vientos (Valparaíso region) and Santa Lidia (Biobío region), which altogether total 750 MW.

The price of the sale of 100% of ESSA’s shares totaled $300 million dollars.

The deal is subject to Generadora Metropolitana SpA being able to execute financing for the operation no later than December 29, 2017 and compliance, no later than June 30, 2018, of the conditions precedent consisting of, among others, of the approval of the National Economic Prosecutor’s Office and to the reorganization of ESSA in order to transfer the assets free of its US$36 million dollars in financial debt.

The transaction will have a positive effect of approximately USD $65 million on AES Gener’s results for the period in which the sale is executed.
AES Gener CEO, Javier Giorgio, said “it is an attractive deal for both parties without a doubt, as the buyer acquires four thermal power plants in excellent operating conditions, located near the main demand centers of the country.”

The funds from the sale will be used to continue strengthening the company’s capital structure and to finance the company’s growth plan, added Mr. Giorgio

AES Gener decided to increase the amount of the cash tender offer of senior bonds maturing in 2021 and 2025, following positive interest from investors.

Upon closing of the debt buyback program’s early tender date, US$429 million in offers were received. AES Gener reaffirms its commitment to maintain its investment grade rating through the repurchase of US$328 million in principal amount of bonds tendered, US$100 million more than initially announced.

With this repurchase of bonds, the Company continues to strengthen its capital structure with funds from the operation of the last plants that came into operation.

AES Gener is the largest energy producer in Chile.

Please see the attached press release for more details.

AES Gener today announced that it has launched offers to purchase for cash its outstanding 5.000% Senior Notes Due 2025 and its 5.250% Senior Notes Due 2021, upon the terms and conditions described in its Offer to Purchase dated November 30, 2017 (the “Offer to Purchase”).

AES Gener is offering to purchase an aggregate principal amount of Notes that will not result in an aggregate amount that all holders of the Notes are entitled to receive in the Tender Offers, excluding accrued and unpaid interest, that exceeds $245,000,000 (such purchase price, subject to increase by AES Gener the “Aggregate Maximum Purchase Price”).

Each Tender Offer is a separate offer and will expire at 11:59 p.m., New York City time, on December 28, 2017, unless individually amended, extended or terminated by AES Gener (the “expiration date”). No tenders submitted after the expiration date will be valid. Subject to the terms and conditions of the Tender Offers, the consideration for each $1,000 principal amount of the Notes validly tendered and accepted for purchase pursuant to the Tender Offers will be the applicable Tender Offer Consideration set forth in the above table. Holders of Notes that are validly tendered prior to 5:00 p.m., New York City time, on December 13, 2017 (subject to extension, the “early tender time”) and accepted for purchase pursuant to the applicable Tender Offer will receive the applicable Total Consideration set forth in the above table, which includes the applicable Tender Offer Consideration plus the applicable Early Tender Premium. Holders of Notes tendering their Notes after the early tender time will not be eligible to receive the Early Tender Premium. All Notes validly tendered and accepted for purchase pursuant to the Tender Offers will also receive accrued and unpaid interest on such Notes from the last interest payment date with respect to those Notes to, but not including, the applicable settlement date.

Please find the attached full announcement for more details on the Tender Offers.

MATERIAL FACTS

Communications sent to the cmf (chilean securities regulator)

DATE FILING
2019/12/02 AES Gener acquires Los Cururos wind farm
2019/11/21 AES Gener calls Extraordinary Shareholder meeting regarding share repurchase
2019/10/28 AES Gener Board of Directors approves dividend payment date
2019/09/17 AES Gener Signs SPA to Acquire Los Cururos Wind Farm
2019/06/11 AES Gener Signs Decarbonization Agreement in Chile – Additional Accounting Information
2019/06/04 AES Gener Signs Decarbonization Agreement in Chile
2019/04/26 AES Gener Shareholders Appoint new Board of Directors at AGM 2019
2019/04/26 AES Gener Shareholders approve US$287mn dividends in 2019
2019/03/29 AES Gener Board of Directors proposes US$287mn dividends in 2019
2019/03/29 2019 Annual Shareholder Meeting of AES Gener to be held on April 26, 2019
2019/03/27 AES Gener Places $550mn in 2079 Hybrid Bond at 7.125%
2019/03/18 AES Gener Announces 2079 Hybrid Bond and Tender of 2073 Hybrid Bond
2018/12/20 AES Gener Board of Directors Appoints New Chairman
2018/12/18 AES Gener closes sale of CTNG transmission assets
2018/10/01 AES Gener dividend payment date set for 29-Nov-2018
2018/07/02 AES Gener to sell 20% of its transmission lines for $220 million
2018/05/10 AES Gener closes sale of Sociedad Eléctrica Santiago
2018/05/08 AES Gener Closes Restructuring Process of Alto Maipo
2018/04/26 AES Gener Board of Directors appoints new Chairman and Committee Members
2018/04/26 AES Gener Shareholders appoint new Board of Directors
2018/04/26 AES Gener Shareholders approve US$185mn dividends in 2018
2018/04/06 Merger of AES Gener subsidiaries
2018/03/28 AES Gener Board of Directors proposes US$185mn dividends in 2018
2018/03/28 2018 Annual Shareholder Meeting of AES Gener to be held on April 26, 2018
2018/03/28 Vineet Mohan Steps Down from AES Gener Board of Directors
2018/02/28 Ricardo Roizen Appointed as CFO of AES Gener
2018/02/05 Ricardo Falú Appointed as CEO of AES Gener
2017/12/21 AES Gener announces sale of Eléctrica Santiago for US$ 300 million
2017/11/27 TRANSMISSION ASSET SALE IN CHILE

Contact Investor Relations

Please contact the AES Gener Investor Relations Team with any questions:

RETAIL SHAREHOLDERS

The AES Gener Sharholders register is administered by SerCor S.A.

Av. El Golf 140, Piso 1, Las Condes – Santiago, Chile +56 2 2364 6785

acciones@sercor.cl / http://www.sercor.cl/

INSTITUTIONAL SHAREHOLDERS

AES Gener Investor Relations Team:

Rosario Norte 532, Piso 19, Las Condes – Santiago, Chile +56 2 2686 8900

investor@aes.com

Juan-Luis Carrasco

Head of Investor Relations

John Wills

Analyst

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