Every time the wind blows, Chile burns and imports less oil
Chile is a sophisticated Latin American powerhouse – yet heavily reliant on coal and oil.
What Chile does have is wind and sunshine, in abundance. The solar resource of the Atacama desert is among the highest on the planet. And with areas of strong and stable wind speeds across the country, it makes renewable energy an incredibly attractive alternative to high emissions fossil fuels.
Chile has a healthy, fast-growing economy and a clear vision of its future energy needs. The government committed in 2013 to providing 20% of the country’s energy from renewable sources, such as solar and wind farms, by 2025.
This positive environment encouraged Actis to invest in Chile in June 2013, establishing Aela Energía, a renewable energy development platform, in partnership with Mainstream Renewable Power, with the aim of creating a leading independent renewables player in the Chilean market.
Under Actis and Mainstream’s ownership, Aela has grown to become Chile’s largest independent power producer of renewable energy. Comprised of three newly built assets, the Sarco wind farm (170 MW), the Aurora wind farm (129 MW) and the Cuel wind farm (33 MW), Aela now produces 332 MW of clean energy, which it sells via two power purchase agreements with 25 Chilean distribution companies. The clean energy Aela provides powers more than 500,000 homes, while displacing 354,000 tonnes of CO2 emissions annually.*
In February 2022, Actis and Mainstream Power announced the sale of Aela Energía to Canadian-listed developer Innergex Renewable Energy with the transaction completing in June 2022.
The successful sale of Aela demonstrates the strength of the Actis-Mainstream partnership, and the comprehensiveness of its value creation strategy. The projects were developed by Mainstream and throughout the development and construction process, the partners have delivered sustainable growth, guided by close engagement with local communities.
With the support of Actis and Mainstream’s dedicated responsible investment professionals, Aela has implemented the highest international standards pertaining to health, safety, and environmental protection. Aela has also developed a deep commitment to local development and continues to operate a community investment fund that finances entrepreneurship, educational, and environmental protection initiatives, including an innovative programme that resulted in 212 micro enterprises with 60% of the affected population being women, thus delivering on Aela’s commitment to inclusion and diversity.
*As at February 2022