There are several reasons why Chile is an interesting region for Mainstream:
- It is the first country in South America to join the OECD
- It offers a promising environment for investment
- It actively participates in international trade
- It displays continuous economic growth
- It has a growing energy market
- It possesses vast natural resources
- It has an immediate need to obtain new sources of energy.
- It already has a fixed target of renewable power making up 10% of the energy mix supplied by major utility companies. This goal will encourage growth in the industry and increase market demand.
In November 2008, Mainstream announced the signing of a joint venture deal with local development company Andes Energy for the development of an initial pipeline of 400MW of wind energy in Chile by 2014. This collaboration marries the local knowledge of Andes Energy with the financial strength and technical experience of Mainstream. Founded on the basis of similar values and beliefs, the two companies are now united by a common vision.
This isthe largest investment carried out by an Irish company in the history of Chile. Our eight-person team is currently developing a portfolio throughout Chile of over 800MW of wind power and we hope to have the first projects up and running by 2013. Furthermore, we have carried out a detailed study of local wind phenomena, for example in Northern Chile, where the big challenge has been to find the most efficient way to produce energy in those conditions.
In the course of our expansion towards other South American markets, our head office in Chile has been established as a regional centre and a centre of excellence for the supply of renewable energy projects in the region. We embrace partnership and have successful partnerships with people, companies and institutions in Chile. These alliances may be formed with large land owners from sectors such as mining, forestry and agriculture, as well as with small private owners.
South America is a key market for Mainstream Renewable Power. We believe we have a first-rate team that will enable us to live up to our promises – due in part to our focus and commitment, but above all because we are passionate about what we do.