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June 10, 2022

Innergex Renewable Energy acquires 332MW wind portfolio in Chile

The $685.6m acquisition includes three operating wind farms and almost doubles Innergex’s gross installed capacity in the country.

Canada-based Innergex Renewable Energy has completed the acquisition of Aela Generación and Aela Energía, together known as Aela, in a deal valued at $685.6m (C$861.2m).

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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Established in 2013, Aela is owned by a joint venture of global renewable energy projects developer Mainstream Renewable Power and global sustainable infrastructure investor Actis.

The acquired firm has a wind power plant portfolio with a total capacity of 332MW, which is distributed across three newly built wind assets in Chile.

The portfolio includes the 170MW Sarco wind farm, 129MW Aurora wind farm and 33MW Cuel wind farm.

Innergex stated that these projects have a long-term average generation capacity of 954GWh a year and revenue streams anchored by two long-term power purchase agreements (PPAs) for an average remaining tenor of 16 years.

Under the contracts, the power generated by the wind farms will be sold to 25 local distribution companies.

The two PPAs will mature at the end of 2036 and 2041.

Innergex CEO and president Michel Letellier said: “This acquisition marks Innergex’s sixth investment in Chile since 2018. Earlier this year, we completed the acquisition of a 50.6MW solar farm in the Atacama Desert, and only a few weeks ago, we announced the development of two new utility-scale battery energy storage projects, totalling 425MWh, in Chile.

“Altogether, our development and M&A activities bring significant and complementary diversification to our generation mix.”

Last month, Innergex Renewable Energy awarded an order to Mitsubishi Power’s Emerald Storage Solution for two utility-scale battery energy storage system (BESS) projects in Chile’s Atacama Desert.

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Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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