Irish-based Mainstream Renewable Power has announced it is to partner in a $1.4bn (€1bn) renewable energy project in Chile which will be operational by 2016.
Mainstream, which was founded by Eddie O’Connor, will partner with Actis to deliver 600MW across both solar and wind power.
The joint venture company, which is 40% owned by Mainstream and 60% by Actis, will purchase the projects, which will be developed and managed by Mainstream.
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 is the ideal platform for Mainstream to accelerate the delivery of our 3,500 megawatts of projects in Chile at a significant scale.
The project is part of a plan to solve an energy shortage that is curbing Chile’s booming copper mining industry.
Mr O’Connor said Mainstream was looking to developed 12,000MW in Chile by 2030.
“This platform is about meeting the needs of off-takers, particularly large-scale industrial consumers in Chile who need top-quality projects and competitive electricity prices,” he said.
Executive vice president of the Chilean Foreign Investment Committee, Matías Mori, said the development was a sign of the confidence that international companies have in Chile.
“This $1.4bn project confirms the confidence foreign companies have in the country and in its economic environment.
“This investment will not only contribute to developing and diversifying the energy matrix, but it is a significant step forward for renewable energies in the country,” he said.
Senior partner with Actis, Paul Fletcher, said they were very happy to be investing 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,” he said.
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