SANTIAGO Nov 29 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
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
Cochrane's construction is planned to start in the first
quarter of next year.
AES Gener could not be reached for comment.