Actis and Mainstream Renewable Power have sold Aela Energia, which owns three wind farms in Chile, to the Canadian-listed developer Innergex Renewable Energy.
Innergex said the purchase price is C$871m (€598m), including the assumption of C$490m of existing debt, subject to customary closing adjustments.
Aela was established in 2013 as part of a joint venture between Actis (60%) and Mainstream (40%), and has since grown to become Chile’s largest independent power producer of renewable energy.
Actis and Mainstream said the planned exit reflects the successful culmination of duo’s partnership strategy for Aela.
The JV owns the 170MW Sarco (pictured), 129MW Aurora and 33MW Cuel wind farms.
Electricity from the projects is sold via two power purchase agreements with 25 Chilean distribution companies.
Actis partner and head of energy Lucy Heintz 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.
Mainstream Renewable Power group chief executive Mary Quaney said: “We are very pleased to have delivered the 332MW Aela Energy portfolio, from initial project development through to commercial operation.
“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.”
Credit Suisse and Clifford Chance advised on the transaction.