Chile's AES Gener to raise up to $450 mln in stock offering

SANTIAGO, Sept 17 Tue Sep 17, 2013 11:46am EDT

SANTIAGO, Sept 17 (Reuters) - AES Gener SA, the Chilean energy company, said it plans to raise up to $450 million in a stock offering as it ratchets up investment in its power projects near energy-hungry mines.

AES Gener, a locally listed unit of U.S. power group AES Corp, said on Tuesday it was looking to increase its investments in projects, including hydropower generator Alto Maipo and coal-fired thermoelectric plant Cochrane.

Last month, AES sold a 40 percent stake in Alto Maipo to copper miner Antofagasta Plc, while it agreed on an Asian-financed loan of up to $1 billion for Cochrane earlier this year.

There is great demand for energy from mining firms in mineral-rich Chile as companies struggle with high prices, project setbacks and a creaking grid.

AES, Chile's second-biggest energy generator, called a shareholder meeting for Oct. 3 to approve the capital raise.