AES Gener SA (GENER.SN), the Chilean power generation unit of AES Corp. (AES), completed a $248 million capital increase, the company said Monday.

The power generator said investors subscribed 938 million new shares during the capital increase at 162.50 Chilean pesos ($0.27) per share.

AES, through the investment vehicle Inversiones Cachagua Ltda. acquired 667 million of these shares, holding its stake at around 71% of the generator, AES Gener said in a statement.

The funds from the increase will partially finance the company's investment plans, which includes new power plants on the northern SING grid and the central SIC grid.

In late Monday trading on the Santiago Stock Exchange, AES Gener was trading 0.4% lower from the previous close, at CLP208.00, while the Ipsa blue-chip index was gaining 0.06%. In the past 52 weeks, AES Gener has traded at a high of CLP228.08 and a low at CLP145.00.

-By Carolina Pica, Dow Jones Newswires; 56-2-820-4244; carolina.pica@dowjones.com