Mainstream Renewable Power begins delivering electricity to Chilean grid through its Andes Renovables platform
Global wind and solar company, Mainstream Renewable Power (“Mainstream” or “The Company”), is pleased to announce that it has fully energised its 571MW Condor portfolio, which is the first phase of the Company’s 1.35GW Andes Renovables wind and solar power generation platform in Chile.The milestone was marked with a dedicated visit from Francisco López, the country’s Undersecretary for Energy, who took a tour of Mainstream’s Tchamma wind farm and met the local team.
This development means that the Condor portfolio has begun supplying energy to Chile’s National Electricity System and has commenced the tests prior to the start of commercial operation in order to guarantee the optimal functioning of the asset.Once the Condor portfolio reaches full generation, expected during the second half of 2021, it will supply more than 680,000 Chilean households with 100 percent renewable energy. The portfolio comprises three wind farms and one solar farm in the regions of Antofagasta, Atacama and Biobío. The Condor portfolio is the first of three that makes up Mainstream’s Andes Renovables platform in Chile, which covers seven wind and three solar PV generation assets, representing an investment of approximately $1.8 billion and an installed capacity of more than 1.35 GW of clean energy. The second stage, Huemul (630MW), reached financial close in September 2020, and the final stage, Copihue (148.5MW), reached financial close on 30 June 2021.
Speaking from Mainstream’s Tchamma wind farm in Calama, Francisco López, Chile’s Undersecretary for Energy said:
“A few months ago, we were laying the first stone of this farm, and today we can see that it is already energized. One more sign that renewable energies are making a decisive advance in our country, thus helping to comply with the schedule of the decarbonization plan. In particular, wind energy has the potential to exceed our current installed capacity by almost 50 percent, which is very positive for continuing to clean up our energy matrix.”
Manuel Tagle, Mainstream’s General Manager for Latin America said:
“The Condor portfolio is an example of Mainstream’s ability to build out renewable projects with speed and skill, despite the impacts of COVID-19. We are exceptionally proud that the project has earned government recognition for its crucial role in the recovery of the Chilean economy, particularly for their generation of skilled employment. We continue to strive towards decarbonising Chile’s electricity system as well as lowering the price of power generation in the country and the energisation of Condor is a crucial step in the right direction to achieve these objectives.”
Notes to Editors:
About Mainstream Renewable Power in ChileIn 2016, Mainstream was the biggest winner in Chile’s largest ever technology-neutral electricity auction, taking 27 percent of the total allocated capacity. Chile’s National Energy Commission awarded Mainstream a 20-year index-linked, US dollar denominated contract, to supply 3,366 Gigawatt Hours of firm power each year starting in 2021. Mainstream has also delivered an additional 332 MW of wind generation in Chile via the Aela Platform with its joint venture partner Actis. Mainstream has an additional 3 GW of wind and solar PV generation assets under development in Chile.
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.
www.mainstreamrp.com
