Shareholders of Chilean developer AES Gener approved the proposed raising of US$500 million for the installation of 1.6GW of solar and wind projects in Chile and Colombia.
The total US$1.8 billion in funding will come from a combination of the US$500-million capital increase, cash and third-party partnerships. This includes US$335 million from top shareholder AES Corporation.
The overall goal, according to AES Gener, is to ensure that green energy accounts for 51% of its installed portfolio, and 66% of its EBITDA by 2024.
In a separate Covid-19 statement, the company also said that it remains in a “robust liquidity position,” with over US$341 million in cash on hand.