Mainstream sells 675 MW Colombian portfolio to Celsia

Global pure-play wind and solar company, Mainstream Renewable Power (“Mainstream”) has sold a 675 MW portfolio of wind and solar assets under development in Colombia to Celsia, a local energy company, part of the Argos Group. The divestment marks Mainstream’s exit from the Colombian market.

The assets, which Mainstream has been developing since 2019, comprise three solar projects and two wind projects; the 100 MW Andromeda solar farm, the 175 MW Aries solar farm, the 100 MW Pollux solar farm as well as the 150 MW Neptuno and 150 MW Sirius wind farms.

The transaction aligns with the company’s updated and more focused strategy, concentrating on developing its pipeline of projects primarily in three core markets where it sees the greatest potential for value creation – South Africa, Australia, and the Philippines – and creating value through strong project execution, a lean cost base and capital efficiency, including capital recycling.

Commenting on the transaction, Mainstream’s General Manager LATAM, Manuel Tagle said: “The recycling of cash through divestments such as this is a core pillar of our strategy, which is supported by our shareholders through our new funding arrangements.  In addition to that, this deal demonstrates the market’s confidence in the quality of the projects developed by Mainstream, which have been executed to our in-house Global Development Standard.”

Ricardo Sierra, CEO of Celsia said: “At Celsia, we are committed to continuing to drive the energy transition in Colombia, to the point that we hope to have 1,000 megawatts of non-conventional renewable energy in operation by 2027. Today, we have 339 MW and another 300 MW under construction. This Mainstream Renewable Power portfolio fits very well with ours, especially given its location and stage of development, in addition to the confidence we gain from the experience and rigor in the design and development of wind and solar projects from this global company.”

Mainstream, whose newly appointed CEO Morten Henriksen commenced his new role this month, recently finalized new funding arrangements through its shareholders which will enable it to deliver its new business strategy.