AES Andes reports first-quarter profit growth as it moves forward with its Greentegra

May 2, 2024

AES Andes recorded a very good first financial quarter as it continues to deepen the implementation of its transformational Greentegra strategy.

During the period, the company recorded a net profit of US$47.9 million, US$27.5 million higher than the amount recorded at the end of the same period of the previous year.

Essential to this achievement was the solid operation of renewable assets in Colombia, where the company recorded higher revenues from the sale of energy to both contracted customers and the spot market.

"These first months of 2024 have been historic for the company. We completed early the cessation of coal-fired operation of the Norgener power plant, a milestone that, together with the great progress we have made in the incorporation of renewables, brings us ever closer to our goal of providing 100% emission-free solutions to our customers," said Javier Dib, the company's General Manager.

During 2024, the following relevant events took place:

EXIT FROM NORGENER:

In strict compliance with the environmental parameters allowed by current regulations, Central Norgener ceased coal-fired operation on April 15, 2024. The two units, totaling 276 MW, were disconnected from the National Electric System almost two years earlier than initially requested to the CNE.

The early shutdown of the plant avoids the consumption of approximately 1.2 million tons of coal and reduces emissions by up to approximately 5 million tons of CO2.

ENVIRONMENTAL APPROVALS:

AES Andes obtained environmental approval for its Cristales photovoltaic project for a capacity of up to 340 MW and an energy storage system (BESS) of up to 542 MW for 5 hours.

The initiative, located in the commune of Antofagasta, was approved unanimously by the members of the Environmental Evaluation Commission.

The project, which considers an investment of up to US$ 710 million, also includes the installation of an electrical substation (S/E Cristales) and a 220 kV high voltage transmission line to evacuate the energy generated.

RENEWABLE PROJECTS

AES Andes continues with the construction of 738MW in renewable projects, both in the south and north of Chile.

At the end of the first quarter, the San Matías wind project, which is under construction in the Biobío region, had already injected 47 MW (out of 82 MW). In the Antofagasta region, the 238 MW Andes Solar IV solar photovoltaic project, with an energy storage system of 147 MW for 5 hours, already had 57 MW of solar and 47 MW of storage connected to the grid.

GREAT PLACE TO WORK

AES Andes was recognized by Great Place To Work as one of the best companies to work for in Chile, Argentina and Colombia. In the case of Chile, it was ranked 8th in the ranking of companies with between 251 and 1,000 workers.

SUBSIDIARY RECOGNITIONS

As a sign of its commitment to the integral wellbeing of all its employees, AES Andes was recognized in Colombia by the Más Familia Foundation as one of the 100 pioneer companies in the country with the Family Responsible Company -EFR- certification, which highlights the commitment of the organizations to promote a model of conciliation between the personal, work and family life of its employees.

DELISTING

As of April 17, 2024, AES Andes shares ceased to be traded on the Chilean stock exchanges. The process had started in August 2023, when the company requested the cancellation of the registration of its shares in the Securities Registry. The process of cancellation of the registration of the shares originated after the success of the Public Offering of Shares made by The AES Corporation, which today holds 99.5 % of the shares of AES Andes.