Irish renewable energy firm lands $1.65bn contract in Chile

18 Aug 2016497 Shares

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Mainstream Renewable Power has been awarded a major energy contract in Chile to build seven wind energy plants as part of a $1.65bn project.

Mainstream, an Irish company, saw off 83 other bidders to land the deal, which will see it continue to operate the plants once constructed, with energy production expected in 2021.

The plants will be located throughout Chile and should feed clean energy into the general energy grid, with each operating under a 20-year contract.

Eddie O’Connor, the company’s chief executive, said the deal puts Mainstream at the top of the pile when it comes to independent renewable energy production.

“We had the industry foresight to take early positions in Chile and South Africa and we are rolling out similar plans across Africa, Central America and Asia.”

The tender is to provide 12,000 GWh, and each facility will be entirely owned by the Irish company.

This Chile deal complements other activities by Mainstream, including producing more than 2,000MW across more than 40 projects.

O’Connor will now meet with turbine manufacturers to get the project up and running, saying renewable energy is “winning on price and on delivery” throughout the world.

“In our young life as a company we have developed and won contracts for projects in the North Sea, Chile, South Africa, Egypt, Senegal, Ghana and the US,” he said.

“We continue to find innovative ways to fund our projects as we add to our exciting emerging markets project pipeline – just like the recently announced $117.5m equity funding for our African platform.”

Last January, a deal worth €176m was signed between SSE and Coillte to construct the final stage of Galway Wind Park, the largest deal ever done for a single wind farm in Ireland.

Once completed, the western wind farm will become Ireland’s largest wind farm, with a total capacity of 169MW.

Main wind energy image via Shutterstock

Gordon Hunt is senior communications and context executive at NDRC. He previously worked as a journalist with Silicon Republic.

editorial@siliconrepublic.com