Empresa Eléctrica Cochrane has completed a corporate restructuring and liability management process

March 2026 — AES Andes S.A. has completed a corporate restructuring and liability management process that included the acquisition of Toesca’s indirect interest in Empresa Eléctrica Cochrane S.p.A. (Cochrane); the prepayment of Cochrane AES’s 5.50% 2027 international bond; the exchange of Cochrane’s BCOCH-A local bonds for new international bonds issued in Rule 144A/Regulation S format for US$485 million; and the merger between Cochrane and AES Andes.

Cochrane, a subsidiary of AES Andes, is a 550 MW coal-fired thermoelectric power plant located in Mejillones, Antofagasta Region, Chile. The facility has been in operation since 2016.

AES Andes is one of the leading power generation companies in Latin America, with operations in Chile, Colombia and Argentina. The company operates a diversified portfolio of 5,375 MW across hydroelectric, wind, solar, energy storage, natural gas and coal power plants.

Our role in the transaction

Oaklins’ team in Chile acted as the financial advisor to AES Andes in the structuring and execution of the transaction.