Actis and Mainstream Renewable Power announced on Friday June 7th, 2013, they have created a joint venture to acquire all wind and solar projects that Mainstream is developing in Chile. Actis has invested US$290 million for a 60% stake in Aela Energía, the company operating the projects and Mainstream will retain a 40 % stake. The projects, which have been fully developed by Mainstream, will be acquired after Financial Close. Mainstream will continue to manage the construction and support the operation of the projects on behalf of the joint venture.

The total value of the projects is US$1.4 billion including debt. The projects sum up 600MW of wind and solar power to be operational by 2016.

Since 2008 Mainstream has taken a leadership position in the Chilean renewable energy market where its local team has been developing an advanced portfolio of more than 3,500 megawatts of wind and solar projects.

Globally, Mainstream has a development pipeline of over 17,000 megawatts across four continents and is currently constructing wind and solar projects in Ireland, South Africa, Chile and Canada. This is Mainstream's second collaboration with Actis. In 2012 Mainstream successfully bid and won three government tenders in South Africa for 238MW of wind and solar projects which are currently in construction.

With GDP growth running at around 6% a year, Chile's energy demands are increasing rapidly. The Chilean government continues to be extremely supportive of innovative green energy developments which unlock the country's formidable renewable resources.

Since 2002 Actis has deployed in excess of US$1 billion in 25 energy transactions and has an impressive track record of energy investments in Latin America, including the Cerro de Hula project, which is the largest wind farm in Central America. Actis also manages Energuate, Guatemala's national electricity distribution company.

Commenting on the transaction Mainstream Renewable Power Chief Executive Eddie O' Connor said: "This is the ideal platform for Mainstream to accelerate the delivery of the first phase of our 3,500 megawatts of wind and solar projects in Chile."