Mainstream Renewable Power signs $1 billion deal in Chile
Mainstream Renewable Power has signed a $1 billion joint venture deal with its local partner, Andes Energy, for the development of an initial pipeline of 400MW of wind energy in Chile.
The joint venture company Andes Mainstream SA will oversee the development of the project.
The deal includes the 35MW Laguna Verde wind farm in the Valparaiso region which is due to be fully operational by 2010.
Under the terms of the agreement, Mainstream will hold a 90
percent share of the joint venture with Andes Energy taking a 10 percent stake.
The Laguna Verde wind farm, which is the most advanced project in the 400MW pipeline will, when fully operational in 2010, generate enough sustainable energy to power over 19,000 homes and prevent the release of between 34,000 and 80,000 tonnes of greenhouse gas emissions each year.
During the construction phase, the project is expected to employ about 200 people as well as generating employment through local service provision. In addition, the wind farm will provide ongoing employment in its operations centre.
Mainstream's founder and CEO, Dr Eddie O'Connor complemented the policy-makers in Chile and said the government has recognised the economic, social and environmental benefits of creating this new industry.