Wednesday, October 17, 2007

Chile's HidroAysen to boost capital $66.5 million

SANTIAGO, Oct 17 (Reuters) - HidroAysen, formed by electric generators Endesa Chile and Colbun to develop a hydroelectric mega-project in Chile's remote south, said on Wednesday it had agreed to a capital increase of some $66.5 million.

Endesa Chile and Colbun plan to build five hydroelectric power plants on the Baker and Pascua Rivers in the rainy southern region of Aysen in response to Chile's current energy shortfall.

The company said in a statement to the stocks and insurance regulator SVS that it had approved the issue of 1,337,500 new shares in an extraordinary shareholders meeting on Tuesday at a minimum price of 10,000 pesos ($19.96) per share.

The initial investment planned for the HidroAysen project involved some $4 billion, but subsequent modifications, including a reduction in the planned flood area, have increased estimates.

Here is the full article.

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