Japan's Mitsubishi Corp buys stake in Chile energy project

SANTIAGO Thu Nov 29, 2012 12:53pm EST

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SANTIAGO Nov 29 (Reuters) - A subsidiary of Japan's Mitsubishi Corp has bought a 40 percent stake in a $1.3 billion, 532-megawatt thermoelectric project planned in Chile, the plant's majority owner, AES Gener, said on Thursday without disclosing how much the purchase cost.

Lured by relatively high prices for raw materials, Japanese companies have swooped into commodities assets in Latin America and elsewhere.

Chile, the world's No.1 copper producer, is reeling from high energy prices due to setbacks to key projects, a series of annual droughts and a shaky transmission system.

Mitsubishi Corp subsidiary Diamond Pacific Investment has subscribed to 40 percent of the shares of AES Gener's Empresa Electrica Cochrane, the Chilean company said in a statement to Chile's regulator.

Cochrane's construction is planned to start in the first quarter of next year.

AES Gener could not be reached for comment.

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