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REN SIGNS CONTRACT FOR INVESTMENT IN NATURAL GAS TRANSPORTATION COMPANY IN CHILE

 

REN signed a contract with ENEL Generación Chile S.A., for the acquisition of a 42.5% interest in Electrogas SA, for USD 180,000,000.

The acquisition of the stake in Electrogas SA by REN is subject, under the terms of the agreement, to a set of suspensive conditions, including the non-exercise of the preemptive right by the other shareholders.

Electrogas SA has 165.6 km of reversible gas pipelines operating in Chile, linking the Quintero / Valparaiso regasification terminal, located in one of Chile's most important seaports, to the capital Santiago, the largest population center in the country. Natural gas is delivered to several electricity production plants, large industrial consumer companies, as well as natural gas distributors through this pipeline

This operation is part of REN´s strategic plan, and will be an important step in its implementation.

REN's strong knowledge of the natural gas sector in Portugal was decisive to carry this contract through. REN is among the most efficient energy system operators with one of the highest quality of service at international level.

If this operation is to take place, Portugal will continue to be REN´s main market, where it will continue to invest to ensure the long-term needs of electricity and natural gas infrastructures, with a permanent orientation to improve performance and quality of service, in order to provide a reliable, safe and efficient service at the lowest possible cost to the country and to consumers.

This investment takes place under a conservative growth strategy, and in accordance with REN´s size and financial capacity. It targets sectors in which REN is a specialist, and in markets with economic stability and predictable regulatory frameworks. This project provides growth, diversification of assets and creates the opportunity to apply abroad the great technical and operational knowledge that REN has in the management of transmission systems, integration and energy storage.