Innergex Renewable Energy, based in Canada, has completed the $685.6 million acquisition of Aela Generación and Aela Energa, together known as Aela. Aela was founded in 2013 by a joint venture between Mainstream Renewable Power, a global renewable energy project developer, and Actis, a global sustainable infrastructure investor. The acquired company includes a portfolio of wind power plants with a total capacity of 332 MW spread over three newly constructed wind assets in Chile.

The 170 MW Sarco wind farm, the 129 MW Aurora wind farm, and the 33 MW Cuel wind farm are all part of the portfolio. As per the company’s statement, these projects have a long-term average generation capacity of 954 GWh per year and revenue streams anchored by two long-term power purchase agreements (PPAs) with an average remaining tenor of 16 years. The wind farms’ power will be sold to 25 local distribution companies under the terms of the contracts. Both PPAs will expire in 2036 and 2041, respectively.

In May 2022, Innergex Renewable Energy selected Mitsubishi Power’s Emerald Storage Solution for battery energy storage (BESS) projects in Chile’s Atacama Desert. The contracts are for Innergex’s 68 MW Salvador and 50.6 MW San Andres solar plants, which are slated to begin construction next year. The five-hour energy duration projects will cost $128.5 million in total and have a combined capacity of 85 MW/425 MWh.

REGlobal’s Views: This is Innergex’s sixth investment in Chile since 2018. The company acquired a solar project as well this year and is also developing two utility-scale storage projects. This latest wind project deal helps the company to strengthen its position in the Chile market and diversify its energy mix.