Inversiones Latin America Power Ltda. - ILAP (Chile)

Inversiones Latin America Power Ltda. (ILAP) is a Chilean renewable‑energy holding company based in Las Condes, Santiago, responsible for owning and managing the San Juan (193 MW) and Totoral (46 MW) wind farms through its subsidiaries San Juan S.A. and Norvind S.A. ILAP operates in the wind‑power generation sector, and its participation in Chile’s regulated electricity market placed it at the center of the financial stress caused by tariff‑stabilization laws and spot‑market decoupling. These conditions led the company—then structured as a limited‑liability entity—to enter a prepackaged Chapter 11 process in the United States on November 30, 2023, after securing support from over 83% of its bondholders and Citibank under its LC facility. ILAP successfully emerged from Chapter 11 on January 12, 2024, materially deleveraging its balance sheet by exchanging more than US$430 million of existing senior secured debt for approximately US$264 million in new take‑back secured notes and US$165 million in convertible notes from its parent entity, while also receiving US$14 million in super‑priority exit financing. In 2024, the company’s partners transformed the legal vehicle into Inversiones Latin America Power SpA, reaffirming ownership by Latin America Power S.A. and LAP Renewables B.V., and maintaining over US$101 million in subscribed capital. Subsequently, on June 28, 2024, LAP announced an agreement to sell ILAP to Colbún S.A. for US$401 million, a transaction officially completed on October 3, 2024, transferring full control of its wind‑generation portfolio to one of Chile’s largest power companies.