Innergex Renewable Energy has purchased a 332 MW wind portfolio in Chile, making the company one of the largest renewable energy producers in the country.

The acquisition came through the purchase of all of the ordinary shares of Aela for $685.6 million.

Established in 2013 as part of a joint venture between global sustainable infrastructure investor Actis (60%) and global wind and solar company Mainstream (40%), Aela has grown to become one of Chile’s largest independent power producers of renewable energy. 

Innergex takes over the newly-constructed Sarco wind farm (170 MW), the Aurora wind farm (129 MW) and the Cuel wind farm (33 MW) with the transaction. Revenues from these facilities are anchored by two forms of power purchase agreements with 25 Chilean distribution companies, maturing at the end of 2036 and 2041, for an average remaining tenor of 16 years.

Earlier this year, Innergex acquired a 50.6 MW solar farm in the Atacama Desert and more recently announced the development of two new utility-scale battery energy storage projects totaling 425 MWh in Chile.

The acquired wind assets are expected to generate revenues of $74.6 million in the year after closing.

To finance the acquisition, Innergex completed a C$172.5 million ($134.73 million) bought deal equity financing of common shares, along with a C$37.3 million ($29.13 million) private placement with Hydro-Québec.