Mainstream Renewable Power has sold its 675MW portfolio of Colombian wind and solar assets to local energy company Celsia, marking the Irish developer’s exit from the country.
The portfolio comprises three solar farms – the 100MW Andromeda, 175MW Aries and 100MW Pollux projects – and two wind farms, the 150MW Neptuno and 150MW Sirius developments.
Mainstream said the divestment aligns with its updated strategy to focus on its core markets in South Africa, Australia and the Philippines.
The company, which has been developing the Colombian assets since 2019, said the deal supports its aim to create value through capital recycling, strong project execution and a lean cost base.
Manuel Tagle (pictured, left), Mainstream’s general manager for LATAM, said: “The recycling of cash through divestments such as this is a core pillar of our strategy, which is supported by our shareholders through our new funding arrangements.
“In addition to that, this deal demonstrates the market’s confidence in the quality of the projects developed by Mainstream, which have been executed to our in-house Global Development Standard.”
Ricardo Sierra (pictured, right), CEO of Celsia, said: “At Celsia, we are committed to continuing to drive the energy transition in Colombia, to the point that we hope to have 1000MW of non-conventional renewable energy in operation by 2027.
“Today, we have 339MW and another 300MW under construction. This Mainstream Renewable Power portfolio fits very well with ours, especially given its location and stage of development, in addition to the confidence we gain from the experience and rigour in the design and development of wind and solar projects from this global company.”
Mainstream’s newly appointed CEO Morten Henriksen took up the post earlier this month. The company recently finalised new funding arrangements to support its revised strategy.