GDF SUEZ and Codelco, the world’s largest copper producer, announced the merger of all their electricity assets and gas transport activity in Chile through their subsidiary Edelnor. GDF SUEZ will have a 52.4% controlling stake in Edelnor. Codelco will have 40% of the shares and the remaining 7.6% will be traded on the stock exchange.
Under the terms of the merger, Electroandina, Edelnor, Gasoducto Nor Andino (Chile and Argentina), the new CTA and CTH thermal power stations (Mejillones), will become subsidiaries of Edelnor. The merger process is expected to be concluded in the first half of 2010.
Following the merger, Edelnor will be the leader in electricity generation in the Northern Chilean Electricity grid (the Sistema Interconectado del Norte Grande – SING). It will have an installed capacity of 1,795 MW , which will increase to 2,125 MW with the commissioning of the CTA and CTH power stations in 2010 and 2011.