(Adds no bid deadline, debt reduction targets)
Glencore Plc
and Australia's Origin Energy (ORG) have put their hydropower business Energia Austral in Chile on the block, with Standard Chartered advising on the sale, two people familiar with the process said on Thursday. Energia Austral includes three hydro power projects with a capacity of 1,000 megawatts (MW), the biggest being the Cuervo asset at 550 MW, which will be the third largest hydropower source in Chile, according to a flyer seen by Reuters.
Sources declined to put a price tag on Energia Austral, which has spent $220 million so far on the hydropower projects, and said there was no deadline yet for bids.
The business is 66 percent owned by Glencore and 34 percent owned by Origin Energy.
Both companies are in the process of trying to sell assets to pay down debt, with Glencore on track to raise $5 billion this year and Origin aiming to raise A$800 million ($617 million) by June 2017. ($1 = A$1.2963)
News: UPDATE 1-Glencore, Origin put Chile hydropower business up for sale
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