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[AES LETTERHEAD]
FOR IMMEDIATE RELEASE
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Contact: Kenneth R. Woodcock
(703) 522-1315
AES WAIVES FINANCING CONDITION IN GENER CHILEAN OFFER
ARLINGTON, VA, NOVEMBER 22, 2000 -- The AES Corporation (NYSE:AES), announced
that it had waived the financing condition in its offer to purchase
3,466,600,000 shares of Gener S.A. in Chile at the Chilean peso equivalent of US
$0.235294118 per share. AES is also offering to purchase all outstanding Gener
American Depositary Shares for AES common stock having a value of US$16 per ADS.
As a result of this action, the Chilean offer is no longer conditioned on the
receipt by AES of sufficient funds to purchase the Gener shares sought in the
Chilean offer and to pay all fees and expenses incurred in connection with the
offers. The U.S. offer is conditioned upon, among other things, the purchase of
shares in the Chilean offer.
Naveed Ismail, President of AES Andes commented, "We are taking action today to
waive the financing condition so that it is no longer an issue for Gener
shareholders." AES has stated that it intends to obtain such funds from various
sources including project borrowings and issuances of debt, equity and
convertible securities by AES and its subsidiaries. AES also announced that
early termination of the waiting period under the Hart Scott Rodino Act with
respect to the purchase of Gener shares pursuant to the Offers had been granted.
AES is a leading global power company comprised of competitive generation,
distribution and retail supply businesses in Argentina, Australia, Bangladesh,
Brazil, Canada, China, Dominican Republic, El Salvador, Georgia, Hungary, India,
Kazakhstan, the Netherlands, Mexico, Pakistan, Panama, Sri Lanka, the United
Kingdom, the United States and Venezuela.
The company's generating assets include interests in one hundred and thirty
seven facilities totaling over 49 gigawatts of capacity. AES's electricity
distribution network has over 920,000 km of conductor and associated rights of
way and sells over 126,000 gigawatt hours per year to over 17 million end-use
customers. In addition, through its various retail electricity supply
businesses, the company sells electricity to over 154,000 end-use customers.
AES is dedicated to providing electricity worldwide in a socially responsible
way.
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