“This project is important for our present and future energy needs,” said Bachelet, speaking on site at El Arrayán, located along Chile’s coastline some 400km north of the capital Santiago.
El Arrayán, which has been fully operational for several months, is 70% owned by Pattern Energy, the New York-listed wind yieldco, with the remainder held by mining company Antofagasta Minerals.
70% of the output is sold to a mining subsidiary of Antofagasta through a long-term fixed-for-floating hedge, with the remainder sold onto the Chilean spot electricity market.
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