Chilean utility Colbun SA has announced an agreement to acquire 100% ownership of Inversiones Latin America Power SpA (ILAP), gaining control of its operational wind farm portfolio totaling 239 megawatts (MW) in Chile.
ILAP, a prominent renewables company based in Chile, owns and operates two key wind farms: the 193 MW San Juan wind farm located in the Atacama region, and the 46 MW Totoral wind farm in Coquimbo. These assets are held under ILAP's entities San Juan SA and Norvind SA.
Colbun disclosed on Friday that the initial purchase price for the acquisition stands at USD 401 million (EUR 373.2m), subject to closing adjustments and pending approval from the Chilean antitrust authority.
This acquisition marks a strategic move for Colbun to bolster its presence in northern Chile, complementing its existing operations such as the Diego de Almagro Sur solar and battery farm, along with the forthcoming Horizonte wind farm, currently under construction.
ILAP recently completed a Chapter 11 restructuring in the US Bankruptcy Court in early January 2024, addressing significant debt challenges by restructuring senior debt into new secured notes and convertible notes, alongside exit financing from certain creditors.
Financial specifics of ILAP were not disclosed by Colbun, reflecting ongoing strategic developments in the Chilean energy market.
