UK-based developer Rame Energy – which makes its debut on the London Stock Exchange today – will use Vestas to build and equip its first two wind farms in Chile, where it has ambitions to install 300MW by 2017.
Rame Energy plans to raise up to £2.1m ($3.4m) to finance its stake in three wind projects in the south American nation totalling 24MW.
The company – newly-listed on London’s AIM market – has struck a deal with Santander to co-finance construction of the first two plants near Conception, totalling 15MW. The developer will hold a 20% share with the option to take complete ownership.
Vestas will supply EPC services and five V112 3MW turbines, said Rame Energy.
Having built a portfolio of land with the potential for 1.4GW of capacity, Rame plans to use the funds raised to become a significant Independent Power Producer (IPP) in Chile.
“We now intend to build Rame into a vertically integrated IPP, encompassing all stages of power generation from project design to energy sales, thereby securing as much of the value as possible for the company,” says Rame CEO Tim Adams.
“We plan to reinvest generated revenues to develop further projects in line with our target to install an asset base of approximately 300MW of wind over the next three years,” he adds.