Mainstream Renewable Power, the global renewable energy company, has
commercialised its first development in Colombia by signing a deal to supply 180
Gigawatt hours of clean energy each year in a private power purchase agreement
(PPA). Mainstream will build the 100 MW Andromeda solar PV plant, located in
Toluviejo, Colombia, to supply the electricity to Air-e, a Colombian energy
distribution company.
The PPA has a tenure of 15 years, and will come into effect from 2024, once the
ca. 195,000 solar panels are installed and 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 additional to launching the new 1 GW Nazca
Renovables platform. Mainstream has a total portfolio of over 5.5 GW in Latin
America and has been actively growing its development pipeline of wind and solar
assets in Colombia since 2019. The Company is managing its Colombian activities
from its office in the country's capital, Bogota.
Mainstream was one of four companies awarded a contract as part of the
competitive auction run by Air-e, in which Mainstream secured 50 percent of the
total available capacity in the process. This follows major successes in other
markets across the world, including obtaining preferred bidder status for 1.27
GW of wind and solar projects in South Africa and completing the divestment of
Aela Energia in Chile. Mainstream and Aker Horizons recently announced that
Mitsui & Co., Ltd., one of the leading Japanese general trading and investment
firms, has agreed to invest EUR 575 million in Mainstream, corresponding to a
27.5 percent equity stake, and will take a long-term active role in the growth
of the company alongside existing long-term strategic investor, Aker Horizons.
"Mainstream is proud to announce our first major milestone in Colombia, a
country with huge potential to transition quickly to renewable energy,"
said Mary Quaney, Mainstream's Chief Executive Officer. "We have been at the
leading edge of developing clean energy around across the world, from Chile to
South Africa, and our work in Colombia is a key example of how Mainstream
intends to accelerate its growth trajectory with the support of Aker Horizons
and our new long-term strategic investor Mitsui & Co. We look forward to
building on this significant achievement in Colombia and enabling it to
decarbonise through the large-scale deployment of renewables - with hundreds of
megawatts already in the pipeline, we are well on our way."
"The entry of energy from non-conventional renewable sources to the electricity
grid of La Guajira, Atlántico and Magdalena thanks to this Air-e auction
ratifies the country's commitment to an environmentally friendly energy
transition, while adding reliability to the system," said Miguel Lotero Robledo,
Colombia's Vice Minister for Mines and Energy.
"This new mechanism of auctions and long-term contracting will enable the
construction of solar projects in the departments of Bolivar, Magdalena, Sucre,
Valle del Cauca and Tolima.This auction represents an important milestone for
the company, its customers and the country because we want to promote the
production of energy in an environmentally friendly manner. We also seek
competitive prices for the benefit of our customers," said Jhon Jairo Toro,
General Manager for Air-e.
ENDS
For further information, please contact:
Ivar Simensen, Communications, Tel: +47 46 40 23 17,
ivar.simensen@akerhorizons.com
Christian Yggeseth, Investor Relations, Tel: +47 915 10 000,
christian.yggeseth@akerhorizons.com
Emmet Curley, Head of Communications & Positioning, Tel: +353 86 2411
690, emmet.curley@mainstreamrp.com
About Mainstream Renewable Power
Mainstream Renewable Power is a leading pure-play renewable energy company, with
wind and solar assets across global markets, including in Latin America, Africa,
and Asia-Pacific. Mainstream is one of the most successful developers of
gigawatt-scale renewables platforms, across onshore wind, offshore wind, and
solar power generation. It has successfully delivered 6.5 GW of wind and solar
generation assets to financial close-ready. In May 2021, Aker Horizons acquired
a 75% equity stake in the company, accelerating its plans to deliver its high
-quality pipeline of over 16 gigawatts of renewable energy. In March 2022,
Mitsui & Co., Ltd., joined Aker Horizon's as a long-term strategic investor,
agreeing to invest EUR 575 million in Mainstream and will take a long-term
active role in the growth of the Company.
Mainstream has raised more than EUR3.0bn in project finance to date and employs
485 people across five continents.
www.mainstreamrp.com
About Aker Horizons
Aker Horizons ASA is a planet-positive investment company dedicated to
developing companies within renewable energy and other technologies that reduce
emissions or promote sustainable living. The company is listed on the Oslo Stock
Exchange and majority-owned by Aker ASA. Aker Horizons' investment portfolio
includes holdings in Aker Clean Hydrogen, Aker Offshore Wind, Aker Carbon
Capture and Mainstream Renewable Power.
www.akerhorizons.com