New partnership reinvigorates Chilean sustainable energy project
A new partner joins 600 megawatts of wind and solar project underway breathing new life into development set to be operational by 2016.
Wednesday, August 07, 2013
New partnership in development that will bring 600 megawatts of wind and solar projects to Chile. Photo via U.S. Air Force photo/Airman 1st Class Nadine Y. Barclay
Leading solar and wind energy developer Mainstream Renewable Power has teamed up with global investor Actis to bring new push to a major sustainable energy project in Chile. The operation is set to create 600 megawatts of wind and solar projects in Chile by early 2016.
The projects are already underway by Mainstream, who have been working in Chile since 2008, and the new partnership is providing new stability and energy for the massive undertaking. Over the past five years, Mainstream has worked hard developing Chile’s sustainable energy market, already developing more than 3,500 megawatts of wind and solar projects in the Andean country. The global leader in renewable energy also have projects spread across the world, including Ireland, South Africa and Canada.
When the joint venture was announced in June, Mainstream Renewable Power's Chief Executive Eddie O'Connor expressed excitement about the partnership and optimism about the future progress of the Chilean projects.
"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,” O’Connor said. “This is the ideal platform for Mainstream to accelerate the delivery of our 3,500 megawatts of projects in Chile at a significant scale.”
The Actis team echoed these sentiments, commenting that they are looking forward to the company’s first venture in Chile.
"Actis is very happy to be making our first major investment in Chile,” Paul Fletcher, Senior Partner at Actis, said. “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 again".
Chile has embraced renewable energy, welcoming wind and solar developments as well as researching other possibilities such as tidal power. Earlier this year Entel Green Power formalized a plan to increase Chile’s wind energy capacity by 70 percent. The northern regions of Chile have been assessed by some to have potentially the largest energy source in the world with its ideal conditions for solar and wind projects. Thanks to its long coastline, Chile could also have an untapped resource as it gets closer to successfully developing tidal power.