Wind and solar developer Mainstream Renewable Power has entered into a joint venture with investor Actis to develop 600 MW of solar and wind projects in Chile by early 2016. The joint venture company, which is 40% owned by Mainstream and 60% by Actis, will purchase projects Mainstream builds.
‘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,’ says Mainstream Renewable Power CEO Eddie O'Connor. ‘The market is looking for independent power producers with strong financial backing, expert local knowledge and experience in delivering operational assets.’
Mainstream says the deal marks its second collaboration with Actis. In 2012, Mainstream won three government tenders in South Africa for 238 MW 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.