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Aela Energia secures $410 million in funding

CHILE: Mainstream Renewable Power and investment firm Actis have secured $410 million in funding for two projects developed by their Chilean joint venture, Aela Energia.

Aela Energia's 33MW Cuel wind project in Chile
Aela Energia's 33MW Cuel wind project in Chile

The financing came from various banking groups, including the Inter-American Development Bank, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, the Korean Development Bank and Spanish group Caixa.

It means Aela can proceed with the 170MW Sarco and 129MW Aurora wind projects.

Sarco is located in Freirina, Atacama, and will comprise 50 Senvion 3.4MW turbines, while Aurora, located in Llanquique, Los Lagos, will feature 43 3MW turbines from the German OEM.

"These projects were awarded through a competitive tendering process in which wind energy prices came in below fossil-fuel prices, clearly demonstrating that renewable energy is cheaper than fossil-fuel generation," said Mainstream Chile general manager Bart Doyle.

Both projects are due for completion in the second half of 2018. Aela Energía is 60% owned by Actis and 40% by Mainstream Renewable Power.

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