CHILE · ENERGY
Key Facts
- Power Index Chile ranks 3rd of 14 in The Rio Times Latin America Power Index, with 63.6 points (October 2026 edition).
- What is happening Colbún, a Chilean electricity generator, says in its third-quarter report that it is seeking growth opportunities in Chile, Peru and other countries.
- Why it matters Peru is where Colbún already runs a gas-fired plant, and Peruvian power demand is rising, driven mainly by the mining sector.
- The numbers Peru earned US$28.5 million of EBITDA in the quarter, up 24% and about 14% of the group’s US$196.6 million, after a March gas outage.
- Who is who Colbún generates power from hydro, thermal, wind and solar plants; Fenix Power is its gas-fired plant in Peru, which it bought out fully in 2025.
- What to watch Whether Colbún names a purchase target in Peru or elsewhere, and how Fenix performs after the March gas outage.
- What it means for you Colbún holds investment-grade ratings, and US banks Bank of America and JPMorgan joined its US$400 million loan signed on 2 September.
Colbún, a Chilean electricity generator with a gas-fired plant in Peru, says it seeks growth in Chile, Peru and other countries. Its third-quarter report covers the period to 30 September 2026.
Colbún, a Chilean power company that also owns a gas-fired plant in Peru, set out its growth aims in its third-quarter report. It says it is looking for growth opportunities in Chile, Peru and other countries.
A Chilean business news summary on Monday, 2 November, went further and said Colbún seeks assets focused on Peru. The company’s report does not use those words, so that detail is unconfirmed.
What Colbún Says It Wants
The report says the company wants to stay relevant in power generation and spread its income across countries, rainfall, technologies and fuels. It plans more wind, solar and battery capacity, with hydropower and efficient thermal plants as support.
In Chile it lists projects in storage, wind, solar and transmission. Two 228-megawatt battery projects were 96% and 79% built at 30 September.
Peru Today
Colbún has been in Peru since 2015 through Fenix Power, a gas-fired plant with 572 megawatts of capacity. In April 2025 it agreed to buy the remaining 41.4% from a unit of the Abu Dhabi Investment Authority, a state fund.
Fenix revenue rose 25% in the quarter to US$75.8 million. EBITDA, a measure of operating cash earnings, rose 24% to US$28.5 million.
The accounts record buying the remaining 41.379% of Inversiones Las Canteras, a Peruvian holding company, in the third quarter of 2025. The price was not disclosed in the company’s release.
Over nine months Fenix EBITDA fell 29% to US$46.6 million. A gas pipeline outage in March forced the plant to burn diesel and buy power to meet its contracts.
Peru’s national power demand grew 7.3% in the quarter, driven mainly by mining. A 112.5-megawatt contract with a regulated customer, Pluz Energía, began, and Colbún won supply contracts with 11 Peruvian customers in 2026.
The Money Behind It
Net debt fell to US$1,540.3 million at 30 September from US$1,672.0 million at the end of 2025, or 2.4 times EBITDA. A five-year US$400 million loan signed on 2 September repaid US$233 million of a 2027 bond and refinanced a bank loan.
Moody’s, S&P and Fitch, three credit rating agencies, give Colbún Baa2, BBB and BBB+, all with stable outlooks. Group profit in the quarter was US$72.5 million against US$25.3 million a year earlier.
What It Means for You
The report gives US readers a view of power demand in Peru, where mining drives growth. Bank of America and JPMorgan were among the five banks in the September loan.
Colbún’s debt sits in investment-grade territory, but this is a news report, not investment advice. A gas outage like March’s can still hit Peruvian earnings.
Related reports include Colbún’s Q3 profit, its first-half results and the Chile power tender. More is on the Chile hub, the power structure guide and the Santiago page.
What Is Not Known
The report does not say what Colbún would buy, where, or at what price. The claim of an asset search focused on Peru comes from one news summary and the company has not confirmed it.
The report does not link the 2025 Fenix share purchase to the new growth search. Fenix remains part of the group.
What Comes Next
Colbún reports every quarter, so the next report will cover the year to 31 December 2026. A stated search for growth does not mean a deal is near.
Frequently Asked Questions
What did Colbún say about growth?
Its third-quarter report says it looks for growth opportunities in Chile, Peru and other countries. It does not name a target or a price.
How is Colbún doing in Peru?
Its Peru unit, Fenix, raised third-quarter EBITDA 24% to US$28.5 million. Over nine months EBITDA fell 29% to US$46.6 million after a March gas outage.
Is Colbún buying a company in Peru?
That is not confirmed. A news summary said it is seeking assets focused on Peru, but the company’s report mentions no purchase.
Is Colbún financially strong?
Net debt is 2.4 times EBITDA and the company holds investment-grade ratings from three agencies. It also signed a US$400 million loan on 2 September.
Sources: Colbún, management discussion of third-quarter 2026 financial statements (filed with Chile’s CMF financial regulator); Colbún, press release of 29 April 2025 on the Fenix Power purchase (all accessed 3 November 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief