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Canada's Innergex Renewable Energy has entered the Chilean power market in partnership with Energía Llaima after their JV was selected in a bidding process to acquire the 140MW Duqueco hydro project which includes two hydroelectric facilities.
The acquisition "is subject to certain regulatory approvals and to reaching a final partnership agreement between the parties," a press release stated.
Innergex has signed an exclusivity agreement with Energía Llaima for the joint venture partnership to acquire a 50% stake in the company, which should be finalized in the coming weeks. As part of the deal, Innergex promised to invest US$110mn over the next three years. Additionally, Innergex will invest US$10mn in Energía Llaima to contribute to its working capital.
"We are very pleased to finally enter the Chilean market through the acquisition of hydro assets where we can leverage our substantial experience and expertise. With this partnership, we intend to pursue a growth trajectory in this market and to expand our development platform throughout South America with a focus on high quality renewable energy projects," said Michel Letellier, CEO of Innergex.