EDP Renewables has entered the Chilean market with the acquisition of 628MW of wind and solar through two separate agreements with Atacama Energy and Lader Energy for a total consideration of up to $38m (€31m).
Commercial operations at the projects are expected to start between 2023 and 2025, EDPR said.
The portfolio consists of a 77MW wind farm with a 20-year power purchase agreement, expected to come online in 2023, and 551MW in projects under development.
The 551MW includes two wind farms totalling 297MW and one 254MW solar park.
These projects will be actively participating in the upcoming regulated tenders and in the private PPA market in Chile, aiming to enter into operation by 2025.
Completion of the transaction for the 77MW wind farm is subject to regulatory approval and other customary closing conditions.
EDPR and EDP Group chief executive Miguel Stilwell de Andrade said: “We are committed to playing an active role in the energy transition and in the Latin American markets, where Chile offers world class renewable energy generation potential.
“The entry into this market confirms the importance of the region for EDPR’s ambitious international growth strategy.
“This move reinforces our global leadership and we are confident of Chile’s growth potential for the renewable energy sector.”