EIG, a US-based institutional investor focused on the energy sector, has established a new renewable energy company in Chile, dubbed Grupo Cerro.

Grupo Cerro will include EIG’s Cerro Dominador plants and its recently acquired ANPAC, which owns a portfolio of 11 run-of-river hydroelectric power plants.

ANPAC portfolio includes 110MW of hydroelectric power projects, comprising operating plants and those at various stages of construction and development.

The run-of-river hydroelectric plants are located in the O’Higgins, El Maule, Bio Bio and La Araucania regions.

EIG chairman and CEO R Blair Thomas said: “The transaction is expected to provide portfolio synergies, create operating efficiencies and enhance technological and geographic diversification for Grupo Cerro.

“After the completion and synchronization of the ground-breaking Cerro Dominador solar power plant in 2021, the first CSP project in Latin America, this transaction marks another significant milestone in our strategy to invest in high-quality assets, best-in-class teams and energy infrastructure supporting the energy transition in Chile.”

Grupo Cerro now manages more than 280MW of operating power projects throughout Chile along with a 1.3GW development pipeline.

The portfolio also includes several projects in advanced phases of construction and development, including Likana Solar complex, Pampa Union, and other hydroelectric plants.

The Likana Solar complex is one of the world’s large CSP projects, with a 690MW capacity, Pampa Union is a 600MW PV power plant, and the hydroelectric power plants account for more than 40MW.

Grupo Cerro aims to provide the Chilean system and customers with clean, manageable power 24 hours a day, said EIG.

Grupo Cerro CEO Fernando Gonzalez said: “These plants, combined with our Likana Solar and Pampa Union projects now under development, will help diversify our renewable energy portfolio geographically to be able to further secure low-cost renewable energy production for the Chilean market and continue supplying clean power throughout the country 24 hours a day.”