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    Alto Maipo exits U.S. Bankruptcy Law and assures financial viability of the project


    May 14, 2022 - CE Noticias Financieras

     

      AES Andes' subsidiary Alto Maipo SpA, developer of the Alto Maipo hydroelectric project, announced on Friday that its financial restructuring process under Chapter 11 of the U.S. Bankruptcy Law, which it filed in November 2021, has been completed.

      The judge in charge of the case in Delaware today approved Alto Maipo's financial reorganization plan, which was supported by 99% of its creditors, thus ending the process.

      Alto Maipo expressed its agreement with the approved plan, "a plan that strengthens the company and allows it to meet its financial commitments even under more volatile future market and hydrological conditions".

      The firm added that "the completion of this restructuring plan ensures the financial viability of the project. We thank all those who have accompanied us through this process, both restructuring and construction, to make what is an essential pillar in the decarbonization of the Chilean electricity system a reality. Alto Maipo is now a reality and will provide essential renewable energy for the next 100 years in Santiago, the country's main center of consumption".

      After completing construction in December 2021, Alto Maipo has already begun commercial operation. It has an installed capacity of 531 MW -through its two run-of-river power plants, Alfalfal II and Las Lajas- and is expected to generate the equivalent of supplying 100% renewable energy for the electricity consumption of more than 1 million homes.

      AES Andes, which owns 93% of Alto Maipo, while the remaining 7% is owned by the Austrian construction company Strabag, has contributed more than US$1 billion during the construction of the project, the company explained.

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