18 Aug Mainstream Renewable Power wins $1.65b energy contract in Chile
Mainstream Renewable Power has been awarded seven 20-year contracts totalling 986MW of capacity that are expected to mobilise US$1.65 billion of new wind energy investment in Chile.
The deal was the highlight of Chile’s largest and most competitive clean energy auction in the country’s history, with 84 companies submitting 85,000GWh of bids for over 12,000GWh of available power.
The company has led the development of over 2GW of wind and solar power capacity in the Chilean market since 2009.
It’s also expected to compete for 300MW of new wind projects next year through a joint venture with Actis after winning contracts in last year’s auction.
Eddie O’Connor, Mainstream’s chief executive said: “Today’s win underpins Mainstream’s standing as the leading independent renewable energy company in high-growth emerging energy markets.
“We had the industry foresight to take early positions in Chile and South Africa and we are rolling out similar plans across Africa, Central America and Asia.”
O’Connor added that he would be meeting with the CEOs of the main wind turbine manufacturers to discuss the next generation of turbines for the project in the next few months.
Mainstream recently announced $117.5 million of equity funding for their African platform, which included investors such as the Rockefeller Brothers Fund and the IFC.