Valparaiso, Chile [RenewableEnergyWorld.com] Mainstream Renewable Power announced the signing of a US $1 billion joint venture deal with Andes Energy. The joint venture company Andes Mainstream SA will work toward the development of an initial pipeline of 400 megawatts (MW) of wind energy in Chile.
The deal includes the 35-MW Laguna Verde wind farm in the Valparaiso region which is due to be fully operational by 2010. Under the terms of the agreement, Mainstream will hold a 90% share of the joint venture with Andes Energy taking a 10% stake.
“I’m delighted that we have attracted such a great partner as Andes Energy. For us, partnership is key, because to really make this happen, you need to have the local knowledge and expertise on the ground. Renewable energy is at its infancy in Chile and we believe we have a lot of experience and learning to share with our new partner,” said Dr. Eddie O’Connor Mainstream’s founder and CEO.