Supreme Court of Chile Invalidates Permit Granted for AES Corp.'s (AES) Campiche Thermal Power Plant
On Monday, June 22, 2009, the Supreme Court of Chile invalidated an environmental permit granted by the Chilean regulatory authorities for the Campiche thermal power plant, a 270 MW coal plant located in Ventanas, Chile (Campiche). The AES Corporation (NYSE: AES) indirectly owns a 71 percent interest in Campiche through its subsidiary AES Gener, the second largest generator of electricity in Chile.
As a result of the Supreme Court's ruling against the local permitting authority, Gener is stopping work on Campiche, which was previously expected to commence commercial operations in the second quarter of 2011. Construction on the project would resume when a solution has been implemented which complies with all applicable laws.
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