Global renewable energy developer Mainstream Renewable Power has formed a joint venture with Actis – a market investor – to deliver 600MW of wind and solar projects in Chile by early 2016, valued at around $1.4bn.
As per the agreed terms, Actis will invest $290m to hold 60% stake in Aela Energia – a renewable energy project, while the remaining 40% will be owned by Mainstream.
Meanwhile, the company will continue to manage the construction and support the operation of the projects on behalf of the joint venture.
Commenting on the deal, Mainstream Renewable Power chief executive Eddie O’Connor said that the company will now boost the delivery of its renewable energy project, with a total installed capacity of around 3,500MW in Chile.
Actis senior partner Paul Fletcher said, "Actis is very happy to be making our first major investment in Chile.
"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."
Earlier in 2012, Mainstream bid and won three government tenders in South Africa for 238MW of wind and solar projects which are currently in construction. Actis invested $100m in the projects that will be operational in early 2014.
Currently, Mainstream has around 17,000MW of wind and solar projects across four continents.