By Andrew Lee in London
Friday, June 07 2013
Updated: Friday, June 07 2013
The Ireland-based developer and Actis have formed a joint venture company that will buy the MRP-developed projects at the point of financial close. The 600MW represents some $1.4bn of total investments.
Actis – a specialist in emerging market investments – will own 60% of the venture, with MRP holding the remainder.
MRP will manage construction and oversee operation of the projects on behalf of the joint venture, which marks Actis’s first significant investment in Chile.
The investment group has been a significant player elsewhere in Latin America via Globeleq, a development group that it owns which has project interests in countries including Costa Rica and Nicaragua.
MRP has a total portfolio of some 3.5GW in Chile, where it has been active since 2008.
The Irish company’s CEO Eddie O'Connor said: "This platform is about meeting the needs of offtakers, particularly large-scale industrial consumers in Chile who need top quality projects and competitive electricity prices.
“The market is looking for independent power producers with strong financial backing, expert local knowledge and experience in delivering operational assets. This joint venture very much ticks all of these boxes."
The agreement renews in South America a relationship first forged in the South African renewables sector in 2012.
Actis has invested $100m in 238MW of wind and solar projects in the African nation, following the Irish developer’s success in government tenders there.
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