Innergex Renewable Energy is buying a Chilean power producer from Mainstream Renewable Power and Actis in a US$1bn (€864m) deal.

TSX-listed Innergex is buying Aela Energía, a 332MW portfolio of three newly-built operating wind assets in Chile, for US$686m, including the assumption of US$386m of existing debt.

Established in 2013 as part of a joint venture between Actis (60%) and Mainstream (40%), Aela has grown to become Chile’s largest independent power producer of renewable energy. 

Mainstream said it will earn post-tax proceeds $114m following the deal.

Aela’s portfolio consists of the 170MW Sarco wind farm, the 129MW Aurora wind farm and the 33MW Cuel wind farm.

Michel Letellier, president and CEO of Innergex, said the acquisition will significantly expand the firm’s overall presence in the country to 655MW with meaningful technological and geographical diversification.

“The acquisition is a continuation of Innergex’s disciplined growth strategy in Chile that we’ve executed on since we entered the market in 2018 and offers an opportunity to unlock the full value of our current Chilean portfolio as these newly-constructed, high-quality assets combined with our current portfolio yield accretive refinancing opportunities, additional flexibility to service our clients under PPAs, and other operational enhancements,” Letellier said.

Lucy Heintz, partner and head of energy at Actis, said: “Building a market-leading IPP is an astonishing achievement; Aela is a true sustainability leader within the Chilean energy sector not only in the context of the climate emergency but for its progressive approach to inclusion and diversity.

“This business and its contribution to the communities it serves will have a long-lasting positive impact.”

Mary Quaney, group CEO at Mainstream Renewable Power, said: “Building this market-leading renewable energy provider and selling it onwards to Innergex marks the immensely successful conclusion to our involvement with Aela.

“As one of Chile’s largest renewable energy companies, we remain focused on building out and expanding our multi-gigawatt wind and solar platforms in the region.”

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