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

Taisho-Tei rolls out a parade of great value ramen and donburi

If you happen to be at IMPACT Muang Thong Thani, don't miss a chance to try delicious ramen with four options of flavorful soup base and other scrumptious Japanese dishes at Taisho-Tei . The restaurant has recently rolled out a special menu featuring...

SWEET SUMMER MANGO MOMENTS TREATS FOR TEA + A SENSORIAL SPA AT LE MERIDIEN BANGKOK

Calling all mango lovers! Mango Afternoon Tea Treat + SPA Moments is back by popular demand! Make the most of high season for the sweetest + smoothest mangoes to elevate your afternoon tea experience at Latitude 13, and rejuvenate mind, body and soul at...

The 43rd CIFF concludes after hosting some 300,000 professional visitors

The 43rd China International Furniture Fair (Guangzhou) (CIFF), viewed by industry watchers as having been a great success, concluded on March 31. The fair was held in two phases, from March 18 to 21 and from March 28 to 31, bringing together 4,344...

Photo Release: Anantara Donates Over THB 1.8 Million to the Princess Sirindhorn Craniofacial Center at Chulalongkorn Hospital

Anantara Donates Over THB 1.8 Million to the Princess Sirindhorn Craniofacial Center at Chulalongkorn Hospital Anantara Hotels and Resorts recently donated over THB 1.8 million to the Princess Sirindhorn Craniofacial Center at King Chulalongkorn Memorial...

The 43rd CIFF features wider diversification of exhibits and upgraded services

The 43rd China International Furniture Fair (Guangzhou) (CIFF), which was held in two segments, took place in Pazhou, a subdistrict of Haizhu in southeastern Guangzhou, from March 18 to 21 and from March 28 to 31. At the 760,000-square meter event, over...

Related Topics