Corporate Overview

Engie Energia Chile S.A. (“EECL” or the “Company”) (rated BBB by S&P and Fitch to IFC equivalent of CR-4) is the Chilean subsidiary of Engie S.A, French multinational conglomerate, and global integrated utility leader in the development and management of energy solutions. Engie activities in Chile started in 1915 and EECL was founded in 1981 and headquartered in Santiago, Chile.

The Company engages in the generation, transmission, and supply of electricity in the country. EECL is currently Chile's fourth largest energy generator, and the third operator in transmission. Additionally, the company operates two ports in the north of the country and has a capacity of 8 million m3 of potential daily gas transportation. EECL has a 7% market share in terms of installed capacity and 17% in terms of electricity sales.

Shareholding Structure

The Company is publicly traded on the Santiago Stock Exchange. It is controlled by the Engie Group (59.99% stake). The remaining shares are owned by noncontrolling shareholders in the Santiago Stock Exchange through pension funds, local institutions, and individuals. Please see a summarized organizational chart below.

Engie S.A., the French multinational formed in 2008 from the merger of Gaz de France and Suez S.A., is one of the world's leading energy transition utilities, with EUR 72 billion in revenues and EUR 13.7 billion EBITDA in 2025 and investment-grade ratings of Baa1/A-/BBB+ (Moody's / Fitch / S&P), equivalent to an IFC CR-3. In February 2026, S&P affirmed the BBB+/Stable rating, highlighting a strengthened business profile. The Group's strategy is centered on becoming the leading energy transition utility through renewable generation, BESS, power networks, flexibility solutions and customer decarbonization, targeting Net Zero Carbon by 2045, and it added a record 6.2 GW of renewable and storage capacity in 2025, bringing its global portfolio to 57.2 GW.

Use of Proceeds   

The proceeds will finance a portfolio of energy-transition assets, principally two utility-scale battery energy storage systems BESS Lile (140 MW) and BESS Tocopilla (116 MW), representing 256 MW of combined storage capacity, together with associated grid-reliability infrastructure, namely the installation of a synchronous condenser at the Tocopilla Complex developed through the conversion of the former U15 coal-fired unit and representing the first synchronous condenser of its kind in Chile. Indicatively, USD 400 million would be allocated approximately USD 170 million to BESS Lile, USD 170 million to BESS Tocopilla, USD 25 million to the synchronous condenser, and USD 35 million to the re leveraging of other portfolio assets. Battery storage is central to the investment rationale. By storing low-cost solar energy generated during daylight hours and dispatching it into the evening peak, the BESS assets improve the integration of renewable generation, reduce curtailment, enhance grid flexibility, and increase system reliability: effectively shifting clean energy from daytime to evening hours. The synchronous condenser complements these assets by providing inertia, voltage support, and short-circuit strength, system services that become increasingly important as conventional thermal generation is retired and renewable penetration rises. The transaction reflects the accelerating pace of EECL’s storage deployment and allows IFC to support a more substantial and strategically coherent package of energy-transition infrastructure within a single facility.                                             

The Project is located in Antofagasta, a principal mining region in Northern Chile. The Project supports the broader electricity system serving one of the worlds’ most important copper and lithium producing regions, reinforcing the competitiveness of industries central to both Chile’s economy and the global clean energy transition.                                                  

Development Impact

The Project has an anticipated AIMM rating of [Good-Excellent], based on an AIMM score of 82. The Project has benefitted from a climate adjustment. The most significant expected Project-level outcome is the reduction of GHG emissions by enabling greater integration of renewable energy and supporting the phase-out of coal-fired generation through utility-scale battery energy storage systems. Beyond the Project, IFC anticipates that its financing will support the energy sector’s resilience by demonstrating the bankability and replicability of large utility-scale BESS and the first synchronous condenser in Chile.

Key Corporate Governance Findings

The previous analysis performed for the CG and SOE analysis remain valid.