Actis-funded Atlas Renewable Energy plans to build three wind farms in Chile after signing a deal to supply power to energy firm Enel Generacion Chile.
The company is currently working on an environment impact statement for three wind farms to be located in central and southern Chile.
The company expects to invest $500 million in the Alpaca portfolio which will have a combined installed capacity of 417 MW.
Under the power purchase agreement (PPA), its first involving wind energy, Atlas agreed to supply 1,300GWh of electricity annually to Enel from 2025 when the wind farms will come online.
Atlas forms part of the Energy Fund IV raised by Actis, one of the world’s largest private investors in the energy sector. The company aims to expand through investment in the most stable markets in Latin America.
Including the Alpaca portfolio, the company has developed 858MW of electricity generation capacity in Chile and 2,685MW globally. In Chile, it already operates three solar energy plants with 441MW of installed capacity.
Atlas highlighted that Chile’s plans to close its coal-fired power plants and the demand from large private consumers for clean and cheap electricity would make it one of the world’s fastest growing markets for renewable energy over the coming years.