Mainstream Renewable inks 1st power deal in Colombia

Irish wind and solar developer Mainstream Renewable Power Ltd. entered into a 15-year power purchase agreement to supply 180 GWh of electricity from a planned solar plant in Colombia to Colombian energy distribution company Air-e.

Mainstream will build the 100-MW Andromeda solar photovoltaic plant in Toluviejo, Colombia, it said in an April 1 news release. The facility will comprise about 195,000 solar panels. The power purchase agreement will take effect in 2024, when the solar panels are expected to be installed and needed new transmission infrastructure is in place.

"This expansion of Mainstream's activities in Latin America builds on its leading position in Chile, where it is building the 1.37 GW Andes Renovables platform, due to be completed next year, in addition to launching the new 1 GW Nazca Renovables platform," the company said in the news release, noting that the purchase agreement is its first in Colombia.

In late March, Japan's Mitsui & Co. Ltd. agreed to invest €575 million in Mainstream in exchange for a 27.5% interest in the company. Mitsui will take an active role in Mainstream's growth alongside long-term strategic investor Aker Horizons ASA, the release said.

Mainstream said it has a total portfolio of over 5.5 GW in Latin America.

S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro.