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Mainstream Renewable Power announces Nazca Renovables - a new, hybrid 1 GW renewable energy platform in Chile

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In a major expansion of its presence in Chile, Mainstream Renewable Power today announces plans for Nazca Renovables - a new, hybrid renewable energy platform in Chile with over 1 Gigawatt (GW) of capacity. The clean energy generated by the platform will avoid the emission of more than 1.1 million tonnes of CO2 – around the equivalent of every one of Chile’s 18 million people planting a tree.

The platform consists of six projects – three wind farms, and three solar PV generation assets and is divided into three portfolios. Humboldt, the first of these, will provide 255 MW of clean energy via the Tata Inti solar farm and the Entre Ríos wind farm, with construction expected to begin in mid-2022.

Aker Horizons owns 75 percent of Mainstream.

Today’s announcement is a major expansion of Mainstream’s presence in Chile – the new Nazca Renovables platform builds on the strengths of the 1.35GW Andes Renovables platform, which recently saw its first portfolio, Condor, begin supplying electricity to the grid. Already, by 2022, Mainstream expects to provide 20 percent of electricity required by Chilean consumers as the Andes Renovables portfolio comes online in its entirety. This new platform will grow Mainstream’s importance as a provider of renewable energy in the country by powering over 1.2 million homes when it is fully operational.

Manuel Tagle, Mainstream’s General Manager for Latin America said:

“The Nazca Renovables platform and its three portfolios make Mainstream an even more influential enabler of Chile’s decarbonisation. The six new projects will help bring investment and employment across the country, consolidating Mainstream’s leadership in one of Latin America’s most advanced markets for renewable energy. We’re very excited by the pace of our developments in Chile and will draw on our significant experience with the Andes Renovables platform to ensure Nazca is a similar success.”

Mainstream is also exploring incorporating hybrid solutions as part of the platform, such as storage systems with large-scale batteries located at the various assets. This will allow them to generate power for more hours in a day, providing additional flexibility to better serve customers’ needs and providing additional support to the grid. This would build on Mainstream’s history of realising and commercialising emerging technologies, which includes the recent agreement to explore the development of green hydrogen and low-cost ammonia production in Chile.

The Humboldt portfolio will supply a recently-signed long-term bilateral private Power Purchase Agreement (PPA) with a strategic partner. This is the second such deal within a month for Mainstream in Chile, following the signing of a PPA to supply power from the Copihue phase of the Andes Renovables platform.

Mary Quaney, Mainstream’s Chief Executive Officer, said:

“Not only is this platform a significant expansion for Mainstream globally, but it is a prime example of the new possibilities the company is developing through renewable energy agreements with private clients. Flexibility and reliability are key for such clients – and our exploration of integrating storage and batteries shows how we are adapting to the needs of our customers and the energy transition.”

-- ENDS –

For further information, please contact:

Ivar Simensen, Communications, Tel: +47 46 40 23 17, ivar.simensen@akerhorizons.com

Christian Yggeseth, Investor Relations, Tel: +47 915 10 000, christian.yggeseth@akerhorizons.com

Emmet Curley, Head of Communications & Positioning, Tel P: +353 86 2411 690, emmet.curley@mainstreamrp.com 

About Mainstream

Mainstream Renewable Power is a leading pure-play renewable energy company with a global footprint. The company is focused on expanding its high-quality pipeline of more than 13 Gigawatts (GW) of wind and solar assets across Latin America, Africa, Asia Pacific as well as the global offshore wind sector. In May 2021, it closed an agreement for Aker Horizons to take a 75% equity stake in the company, enabling Mainstream to accelerate its global expansion plan to bring 5.5 GW of assets to financial close by 2023 ahead of a planned IPO.

Mainstream has delivered more than 6.5 GW of wind and solar assets to financial close, and currently has over 1.4 GW (net) in construction across Latin America and Africa. In Chile, Mainstream’s wholly-owned 1.35 GW of fully contracted wind and solar assets are on track to reach commercial operation from 2021. In Africa, the company has delivered 842 MW of wind and solar assets into commercial operation in South Africa, and further, through its Lekela Power joint venture has 410 MW of wind assets in construction in Senegal and Egypt.

Mainstream is the most successful independent developer of offshore wind at scale globally.  It has successfully consented Hornsea One (1.2 GW), the largest operational offshore wind plant in the world today; and developed the Hornsea 2 project (1.4 GW)  before selling these projects and the entire Zone in 2015. Overall, it has developed and later divested projects representing 22% of the UK’s offshore wind capacity either in operation or under construction.  Mainstream fully consented the Neart na Gaoithe offshore wind project in Scotland, 450 MW, currently under construction. Mainstream’s Soc Trang 1.4 GW offshore wind development in Vietnam is one of South East Asia’s largest renewable energy developments.

Mainstream has raised more than EUR3.0bn in project finance to date and employs more than 340 staff across five continents.