Chile

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 starting in 2021.

The Andes Renovables platform represents ten projects (seven wind, three solar) and an investment of US$1.8 billion. 

The platform is under construction with all projects operational in 2022.

The Mainstream team is currently developing an additional project portfolio, Nazca Renovables.  These projects will provide clean electricity through bi-lateral energy supply contracts to private customers. 

The first phase, Condór (591 MW) consisting of three wind and one solar asset reached financial close in November 2019.  

Condór represents an investment of US$580 million. When operational in 2021, it will generate enough sustainable electricity to power 680,000 Chilean homes and will displace 656,000 metric tonnes of CO2 each year.

The 630 megawatt (MW) second phase of Andes Renovables – called “Huemul” – is comprised of three onshore wind and two solar PV generation assets and reached financial close in September 2020.

All five assets are in construction and will reach commercial operation between 2021 and 2022. They will generate enough sustainable electricity to power 781,000 Chilean homes and will displace 744,200 metric tonnes of CO2 each year. 

Copihue consists of one wind farm, named Caman, located in central Chile.  It reached financial close in July 2021 with c. US$182 million in debt raised to build it.

Financing of the Copihue portfolio marked the start of the final phase in the build-out of Andes Renovables
The project, which will commence operations in 2022, initially had an installed capacity of 100 MW but has since increased to 148.5 MW following the signing of an additional long-term, bilateral Power Purchase Agreement (PPA) with a strategic partner.

In 2013, Mainstream established its  Chilean joint venture together with Actis named Aela Energía.  It consists of three operational wind farms; Sarco (170 MW), Aurora (129 MW) and Cuel (33 MW).   

Aela won 64% of total allocated capacity in the 2015 Chilean competitive auction process winning two PPAs and in 2016 an additional PPA was awarded for the Cuel project.