An Irish renewable energy firm has received funding of $410 million (£316m) to build two wind farms in Chile.

Aela Energía, which is 60% owned by Actis with the remaining 40% owned by Mainstream, will go-ahead with the construction of the 170MW Sarco and 129MW Aurora projects. Sarco is located in Freirina commune in the Atacama region while Aurora is located in Llanquihue Commune in Los Lagos region.

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Bart Doyle, General Manager of Mainstream Chile, said: "We are delighted to have reached financial close on these two projects, which will deliver 300MW of wind power to Chile when they are completed. These projects were awarded through a competitive tendering process in which wind energy prices came in below fossil fuel prices, clearly demonstrating that renewable energy is cheaper than fossil fuel generation. Last year Mainstream was exclusively awarded further supply contracts equivalent to almost 1GW of wind capacity in Chile, representing a 30% share of the auction, which further underpins our commitment to Chile and positions us as the leading independent renewable energy company focused on high-growth emerging markets."

(CD/LM)