AES Andes advances in its transformation process with a new wind farm in operation and entry of new renewable projects

May 4, 2023

• The Company reported an EBITDA of US$169 million in the semester with nearly half of its installed capacity free of emissions, in line with its purpose of accelerating the future of energy.

Santiago, May 4, 2023.- AES Andes gave new signs of the progress of its transformational strategy Greentegra with the start of operations of a new wind farm and the submission for environmental evaluation of projects with a strong innovative seal.

In April the Company achieved the commercial operation (COD) of the 66 MW Campo Lindo wind farm, located in Los Angeles, Biobío Region, which joins AES Andes’ Mesamávida and Los Olmos wind farms in the South of Chile.

The Company reached 47% installed capacity that is 100% renewable and free of CO2 emissions with its operations in Chile, Argentina, and Colombia.

Javier Dib, CEO of AES Andes, highlighted that "five years after the launch of Greentegra, we proudly see its progress through the transformation of our portfolio to emission-free energy, which encourages us to continue moving forward decisively in our purpose of accelerating the future of energy, together, to face the effects of climate change”.

The executive added that "all these advances reflect the commitment of AES Andes as a long-term investor in the country and its contribution to the decarbonization process."

In financial terms, the Company registered an EBITDA of US$169 million in the first quarter of 2023, US$18 million less than in the same period of the previous year.

The variation is mainly explained by a lower contract margin and higher supply costs in Chile, while in Colombia a lower contract margin was registered due to the impact of the devaluation of the local currency, which was partially offset by higher price and volume in sales to the spot market.

In Argentina, the positive variation is mainly associated with higher physical sales of energy and capacity, better prices in the Base Energy market, as well as a higher contract margin in 2023.

During the first three months of the year, the Company registered a net income of US$ 32.5 million dollars, impacted by the higher financial costs of the quarter.


Campo Lindo

The Company achieved the commercial operation of its Campo Lindo Wind Farm, adding 66 MW to Chile’s National Electric System. The 100% renewable plant joins Mesamávida and Los Olmos in the Biobío Region.

New projects

During February, AES Andes submitted the Pampas hybrid project, located in Taltal, Antofagasta Region, for environmental assessment. The initiative incorporates an installed capacity of up to 392 MW, with a five-hour battery energy storage system of up to 624 MW.

The wind farm will have an installed capacity of up to 140 MW, while the photovoltaic plant will have two zones, totaling up to 252 MW.

In addition, the Company submitted the Cristales solar project, also located in the Antofagasta Region, for environmental review in March. The photovoltaic project combines a five-hour battery energy storage system of up to 542 MW with up to 379 MW of photovoltaic capacity.

Gender equality

The firm recently officially received the Iguala Conciliation Seal from the Ministry of Women, through the National Service for Women and Gender Equality (SernamEG).

This is a certification that the agency awards to organizations that implement integrated management systems for gender equality and reconciliation of family, work, and personal life, as part of the Chilean Standard 3262, under which AES Andes was recertified at the end of last year, being the first company in the energy sector to achieve this standard.

Great place to work

At the end of March, the Company was recognized in Chile as one of the six best companies to work for, according to the Great Place To Work 2022 ranking in the category of up to 1,000 employees.

The Company achieved significant progress of four places, significantly surpassing the tenth position in 2021. This is reflected in caring for people, work on diversity and inclusion, and in line with the Company’s first value of putting safety first and other initiatives such as the development of the hybrid work modality.