Chilean energy executives acquire coal-fired plant amid global fossil fuel divestment
In December, AES Corporation announced the sale of its Ventanas power plant, a coal-fired facility in Chile, to Quintero Energía, a company founded by two former executives of Enersis. The plant, once operating four units, is now reduced to just two—Units 3 and 4—with a total installed capacity of 537 MW.
At the time of the announcement, neither party disclosed the sale price of this strategic asset within Chile’s National Electric System. However, AES Corporation later revealed in its 2024 year-end report that the deal, finalized in January 2025, amounted to just $5 million. The transaction included AES’s stake in Empresa Eléctrica Ventanas SpA and Núcleo SpA, which held the plant’s assets.
This move aligns with AES’s global strategy to exit coal by the end of 2025 and transition toward renewable energy. The company has previously offloaded other coal-fired assets at liquidation prices, including a 50% stake in the Guacolda power plant, which was sold for $34 million in 2021.
Who Are the Buyers?
Quintero Energía is led by Eduardo Escaffi and Fernando Gardeweg, partners at WEG Capital and former finance executives at Endesa and Enersis. Both were also involved in the initial phase of the Guacolda transaction, which ultimately ended up in the hands of Capital Advisors. For this deal, they brought in additional investors.
Upon announcing the acquisition, Quintero Energía emphasized the strategic value of Ventanas’ two remaining operational units, stating they are “essential for the security of the electrical system and economically efficient, as their production is stable and located in the country’s central zone, where energy demand is highest.”
The Future of Chile’s Energy Transition
As global pressure mounts for decarbonization, the sale of coal plants at rock-bottom prices reflects a shifting energy landscape. While AES and other multinationals divest from fossil fuels, local investors are finding opportunities in undervalued conventional assets that still play a role in grid stability.
The fate of Ventanas under its new owners remains to be seen, but with coal power still a component of Chile’s energy mix, the acquisition signals that the transition to renewables will require careful balancing between economic viability and environmental goals.
Source: LA TERCERA