Mainstream Renewable Power partners with Actis on $1.4bn wind and solar asset platform in Chile

General Press Releases Friday June 7, 2013 15:00
SANTIAGO, Chile--7 Jun--PRNewswire/InfoQuest
New platform to deliver 600MW of wind and solar projects into construction and operation by 2016

Global wind and solar developer Mainstream Renewable Power today announced a joint venture with the global pan-emerging market investor Actis to deliver 600 megawatts of wind and solar projects into construction and operation in Chile by early 2016. The joint venture company which is 40% owned by Mainstream and 60% by Actis will purchase the projects, which have been fully developed by Mainstream, at Financial Close. Mainstream will continue to manage the construction and support the operation of the projects on behalf of the joint venture.

Since 2008 Mainstream has taken a leadership position in the Chilean renewable energy market where its local team has been developing an advanced portfolio of more than 3,500 megawatts of wind and solar projects. Globally, Mainstream has a development pipeline of over 17,000 megawatts across four continents and is currently constructing wind and solar projects in Ireland, South Africa, Chile and Canada.

This is Mainstream's second collaboration with Actis. In 2012 Mainstream successfully bid and won three government tenders in South Africa for 238MW of wind and solar projects which are currently in construction. Actis invested $100 million in the projects which are due to be operational in early 2014.

Commenting on the deal, Mainstream Renewable Power's Chief Executive Eddie O'Connor said: "Mainstream is delighted to be working with such a highly experienced and forward-thinking partner as Actis to deliver this first phase of our operational assets in Chile. This isthe ideal platform for Mainstream to accelerate the deliveryof our 3,500 megawatts of projects in Chile at a significant scale.

Mainstream has a global pipeline of over 17,000 megawatts of wind and solar projects across four continents and this is something we may look to replicate across our other markets.

He continued: This platform is about meeting the needs of offtakers, particularly large-scale industrial consumers in Chile who need top quality projects and competitive electricity prices. The market is looking for independent power producers with strong financial backing, expert local knowledge and experience in delivering operational assets. This Joint Venture very much ticks all of these boxes."

Paul Fletcher Senior Partner at Actis said, "Actis is very happy to be making our first major investment in Chile. We have an excellent track record in providing conventional and renewable energy in the emerging markets. Our commitment to Latin America, where we have successful investments in educational, financial services and retail, reflects our confidence and ambition for these dynamic markets. Mainstream is a trusted and respected partner and we are pleased to be working together again".

Contact: Emmet Curley, Head of Communications, Mainstream Renewable Power, Tel: +353-85-734-9946

Latest Press Release

SPECA at 20: Strengthening the UN Special Programme for the Economies of Central Asia to deliver on the 2030 Agenda

Marking the 20th anniversary of the United Nations Special Programme for the Economies of Central Asia (SPECA), high-level participants from the seven landlocked participating countries - Azerbaijan, Afghanistan, Kazakhstan, Kyrgyzstan, Tajikistan,...

Photo Release: IMPACT organizes the first edition of Barista Champion at Terrazza restaurant

Mr. Loy Joon How (middle), General Manager of IMPACT Exhibition Management Co., Ltd., along with Mr. Jessada Kreesuradach, Manager of Group Restaurant, joined judges' panel for the first edition of Barista Champion competition organized by IMPACT...

DHL Express announces its 2019 price adjustments in Thailand

- Rate increase by an average of 4.9% for shipments weighing less than 70Kg, and 5% to 10% for shipments weighting more than 70Kg, effective January 1, 2019 September 21, 2018: DHL Express, the world's leading international express services provider,...

Photo Release: Thailand Prime Minister and his colleagues visit Digital Thailand Big Bang 2018

General Prayut Chan-o-cha, Prime Minister of Thailand and Miss Ajarin Pattanapanchai, Permanent Secretary of the Ministry of Digital Economy and Society, recently visit Seagate booth in the "Digital Thailand Big Bang 2018" under the "Thailand Big Data"...

FUN STAY AND FREE PLAY IN HUA HIN THIS OCTOBER AT CENTARA GRAND HUA HIN AND VANA NAVA

Pack your bags all moms and dads, and get ready for a fun and free school-holiday trip this October as Hua Hin's best-loved Centara Grand Beach Resort & Villas Hua Hin has recently launched a special "Stay & Play" package that features not only a...

Related Topics