Renewable energy developer Mainstream Renewable Power (MPR), headquartered in Ireland, and energy market investor Actis have established a joint venture (JV) to deliver 600 MW of wind and solar in Chile by early 2016.

The JV company, called Aela Energia, is 60 per cent owned by Actis, with MPR holding the remaining 40 per cent, according to Chilean newspaper Diario Financiero.

Aela Energia will purchase the renewable energy projects that have been fully developed by MPR, representing an investment of $1.4bn.

In a statement, MPR confirmed it will continue to manage the construction and support the operation of the projects on behalf of the JV.

Commenting on the deal, executive vice president of Chile’s Foreign Investments Committee Matias Mori said the investment “marks a breakthrough for renewable energy in the country”.

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