A partnership comprising renewable energy firms Energía Llaima and Innergex has been selected to acquire the 140MW Duqueco hydro project, which includes two facilities in Chile.

Located on the Duqueco River, 60km east of Los Ángeles, the Peuchen (85MW) and Mampil (55MW) hydro facilities were commissioned in 2001.

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The completion of the acquisition is subject to regulatory approvals in Chile and marks a final partnership agreement between the two firms, who were selected through a bidding process.

Innergex has also signed an exclusivity joint venture (JV) agreement with Energía Llaima to acquire a 50% stake in the company for $110m, which would be invested over the next three years.

“These transactions mark Innergex’s entry into South America through the building of a strong partnership with a solid company with expansion plans.”

The JV deal is expected to be finalised in the coming weeks.

Innergex will also invest $10m in Energía Llaima to contribute to its working capital.

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Electricity generated from the two hydro facilities will be sold under power purchase agreements (PPAs) at fixed prices until 2020 and on the spot market.

Innergex president and CEO Michel Letellier said: “We are very pleased to finally enter the Chilean market through the acquisition of hydro assets where we can leverage our substantial experience and expertise.

“With this partnership, we intend to pursue a growth trajectory in this market and to expand our development platform throughout South America with a focus on high-quality renewable energy projects.

“These transactions mark Innergex’s entry into South America through the building of a strong partnership with a solid company with expansion plans.”