EDP Renewables has reached agreements to acquire a 628MW wind and solar portfolio in Chile for $38m.
The developer has two separate agreements with Atacama Energy and Lader Energy, conditional on the successful achievement of pre-determined milestones for each project.
Commercial operations expected to commence between 2023 and 2025.
The portfolio consists of a 77MW wind farm with a 20-year PPA, expected to enter in operation in 2023, and 551MWs in projects under development, including two wind farms totalling 297MW and one 254MWac solar park.
These projects will be 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 for a transaction of this nature. Completion of the 551 MWs of projects under development has occurred simultaneously to the signing of the agreements.
EDPR 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.”