New platform to deliver 600MW of wind and solar projects into
construction and operation by 2016
SANTIAGO, Chile, June 7, 2013 /CNW/ - 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.
(Logo: http://photos.prnewswire.com/prnh/20130606/618541 )
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 is the ideal
platform for Mainstream to accelerate the delivery of 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
SOURCE: Mainstream Renewable Power
For further information:
Emmet Curley, Head of Communications, Mainstream Renewable Power. Tel: +353-85-734-9946