International developer Mainstream Renewable Energy has formed a joint venture with investor Actis to deploy 600MW of solar and wind projects in Chile by 2016.
The joint venture company, 40% owned by Mainstream and 60% by Actis, will purchase the projects developed by Mainstream at financial close.
Mainstream will continue to construct and support the operation of the projects on behalf of the JV company.
Mainstream Renewable Power's chief executive Eddie O'Connor said: “This platform is about meeting the needs of off-takers, particularly large-scale industrial consumers in Chile who need top quality projects and competitive electricity prices.
“The market is looking for independent power producers with strong financial backing, expert local knowledge and experience in delivering operational assets. This Joint Venture very much ticks all of these boxes.”