The Aela Energía joint venture (JV) between Mainstream Renewable Power and Actis has secured $410m in project financing to develop two wind farms in Chile.

The investment comes from a group of multilateral and commercial banks, including Inter-American Development Bank and its member affiliate Inter-American Investment (IADB-IIC), as well as Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking, Korean Development Bank, Caixa, KfW and Banco Santander.

To be provided over 18 years, the funding represents 70% of the total financing of the projects, while their equity partners will provide the remaining 30%.

With the closure of financial activities, the JV will be able to begin construction of the wind farms.

Mainstream Renewable Power Chile general manager Bart Doyle said: “These projects were awarded through a competitive tendering process in which wind energy prices came in below fossil fuel prices, clearly demonstrating that renewable energy is cheaper than fossil fuel generation.

“These projects were awarded through a competitive tendering process in which wind energy prices came in below fossil fuel prices."

“Last year, Mainstream was exclusively awarded further supply contracts equivalent to almost 1GW of wind capacity in Chile, representing a 30% share of the auction, which further underpins our commitment to Chile and positions us as the leading independent renewable energy company focused on high-growth emerging markets.”

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The proposed wind farm projects will feature the 170MW Sarco and 129MW Aurora facilities, which will be respectively situated in Freirina commune in the Atacama region and Llanquique Commune in Los Lagos.

German manufacturer Senvion will provide turbines for the farms, which are set to be completed by the second half of next year.

With a combined capacity of 299MW, the farms are expected to power the equivalent of 460,000 households.

Image: Cuel wind plant in Chile, developed, constructed and operated by Mainstream Renewable Power, and owned by Aela Energia. Photo: courtesy of Mainstream Renewable Power.