Chile

Our team has won a total of 1.6 GW in competitive tenders as part of the National Energy Commission 2016 and 2015 Chilean electricity auctions. The contracted projects are being developed through our wholly owned 1.3 GW Andes Renovables platform and the Aela Energía platform, our joint venture with global private equity company, Actis.

Mainsteam Chile became the first energy company in the country to achieve certification to the ISO45001 Occupational Health and Safety Standard in March 2019. 

Our team in Chile is led by experienced industry leader, Manuel Tagle and supported by his local management team.  He is Vice President of ACERA, the Chilean renewable energy association.

Mainstream won 27% of total allocated capacity in the 2016 auctions positioning the company as the leading independent developer in Chile.  At 1.3GW, the Andes Renovables platform, wholly owned by Mainstream represents a total investment of US$1.7 billion. The platform is split into three portfolios, Condór (571 MW), Huemul and Copihue (totaling c.730 MW).  In November 2019, Mainstream closed a finance deal for Condór representing an investment of USD$580 million from seven banks: CaixaBank, DNB, KfW, IPEX-Bank, Natixis, SMBC, MUFG and and Société Generale. The deal is one of the largest renewable energy debt financing deals undertaken in the region in 2019.  

Condór is now in construction and Huemul and Copihue portfolios are on track to reach financial close in Q2, 2020.  The wind and solar projects will be delivered into commercial operation on a phased basis between 2021 and 2022.  

Aela Energía, our Chilean joint venture with Actis, the global private equity fund won 64% of total allocated capacity in the 2015 competitive auction process.  The platform represents three wind projects totaling 332 MW - the Cuel wind farm (33 MW) operational since 2014, and the Sarco and Aurora wind projects (299 MW) delivered into operation in December 2019. Mainstream secured $50m in mezzanine finance from funds managed by Apollo Global Management to partially fund Mainstream's equity investment in the Sarco and Aurora wind farms.