Chile has carried out its first-ever citrus shipment to China, exporting a consignment of mandarins to the major market which officially opened to Chile a few days ago. This week, 23 metric tons of clementine-type mandarins are now on their way to Shanghai and will be among the first Chilean citrus to reach the market. This is due to the deal made in November 2019 between Chilean and Chinese authorities for market access for all citrus products.
After scoring a historic drop of more than 44% on Wednesday, Latam's shares rebounded 12.52% on the Santiago Stock Exchange. The company's shares closed with a value of CH$800 a unit in a day in which it reached over CH$900. In other news, IPSA posted a 2.95% drop, standing at 3,658.11 points. The greatest falls were registered by Falabella, which fell 6.82%, while Banco Santander and Repley fell more than 5%.
Power company Enel Chile SA and its electricity generation subsidiary Enel Generacion Chile SA have decided to close their last coal-fired plant in 2022 to exit coal earlier than previously agreed with the Chilean Government. Enel Generacion will file a request with Chile’s National Energy Commission (CNE) to authorise the closure of two units at the Bocamina plant. The 128-MW Bocamina I was to be taken offline by the end of 2023, but now Enel Chile want to take Bocamina I offline by December 31, 2020.
Mainstream Renewable Power provided an update on the 145-MW Rio Escondido solar project in Chile, saying that it is ready for the photovoltaic (PV) panels installation phase. Rio Escondido is the company's first solar park in Chile and will consist of 450,000 PV panels to be installed by Sterling and Wilson Pvt Ltd. Mainstream is also constructing 55.5 kilometres of transmission lines to complement the PV facility. This is part of the 571-MW Condor portfolio, which Mainstream is investing USD $1.7 billion.
Latam Airlines Group has received approval for all its motions filed on its first day of hearings in the framework of the financial reorganisation and voluntary debt process that it is carrying out under the protection of Chapter 11 of the United States Bankruptcy Law. This allows Latam to maintain the continuity of its business throughout the reorganisation and fulfill its obligations to employees, customers, suppliers, and business partners.