AES Andes is Making Steady Progress in implementing its Greentegra Transformational Strategy

At its Ordinary Shareholders’ Meeting, the Company highlighted the commissioning of new projects, such as Alto Maipo and Los Olmos, as well as other solar, wind and battery initiatives that will soon be part of the company’s renewable portfolio.

The Shareholders’ Meeting approved the appointment of Madelka McCalla as regular director to replace Julián Nebreda.

Santiago, April 28, 2022.- During the Ordinary Shareholders’ Meeting held today, AES Andes highlighted the progress of its Greentegra transformational strategy, thanks to 100% renewable energy projects that are already a reality. In 2021, we completed the construction of 702 MW, which are currently in operation and provide emission-free energy to the national electricity system.

The chairman of the Board of Directors, Juan Ignacio Rubiolo, stated that “the company is making rapid progress in implementing its Greentegra transformational strategy, with more than 2.7 GW of renewable capacity and batteries integrated into its portfolio by 2025.” In this regard, he highlighted the commercial commissioning in 2021 of San Fernando, the second solar plant of AES Andes in Colombia, the completion of the construction of the second wind initiative in the country, Los Olmos, and the Alto Maipo hydroelectric project. These last two projects have recently achieved commercial operation and are already providing energy to the National Electrical System (SEN).

All this in addition to what will be the incorporation during 2022 of Andes Solar IIb in the Antofagasta Region, the Mesamávida and Campo Lindo wind plants in Biobío, and the Brisas solar plant in Colombia for a total of 459 MW.

Meanwhile, the general manager of AES Andes, Ricardo Falú, stated that “the great need for renewable energy in the markets where we operate represents an innovation opportunity for the new products and solutions we offer to our customers to help them achieve their sustainability goals.”

Falú added that, as of 2025, the Company will have increased its renewable capacity by 202%, which, added to a gradual and responsible decarbonization process, will make it possible to reduce the carbon intensity of our portfolio by 58%. “With Greentegra we are contributing with concrete actions to address the biggest challenge of our generation: climate change,” he stated.

The executive valued the improvement in the Company’s financial position, as a fundamental pillar to accelerate the growth and transformation plan of the portfolio. In this sense, he focused on the incorporation of new partners into its renewable projects, together with the successful capital increase of US$306 million, which was completed in 2021. He added that “in another show of confidence, The AES Corporation - the controlling shareholder of the Company - conducted a successful Takeover Bid and increased its participating interest in AES Andes from 67% to 99%.”

New Director

The Ordinary Shareholders’ Meeting also resolved the partial renewal of the Board of Directors of the Company, with the arrival of Madelka McCalla, as director to replace Julián Nebreda, who joined Bernerd Da Santos, Gonzalo Parot, Daniel Fernández, Radovan Razmilic, Arminio Borjas and Juan Ignacio Rubiolo, who is chairing the meeting.

Madelka McCalla has a bachelor’s degree in literature and has also studied sociology and political science. She is currently VP of Global Stakeholder Relations for The AES Corporation. Her career includes experience in international organizations such as the UN and functions in the Panamanian Embassy in United States.

During the meeting, the shareholders also approved all the matters falling within the jurisdiction of the Shareholders’ Meeting, including the Balance Sheet and Financial Statements for FY 2021, among other matters.