Power producer and developer Rame Energy has sold its stake in the 15 megawatt Raki and Huajache on-grid wind projects in Chile for $4.4million.
The UK-based firm has sold its 20% stake in the projects to InterEnergy Holdings, a Cayman Islands-based power generation and distribution company with assets in Latin America and the Caribbean. The sale is set to be completed by month end.
Proceeds will be used for the continued development of the company’s other wind and solar projects in Chile and for general working capital purposes.
Rame developed the projects from greenfield through to construction and commissioning in 2015.
Chief executive Tim Adams, said: “We are delighted with the sale of the Raki and Huajache projects. Our estimated gain of approximately 50% of our investment over the period of 20 months demonstrates Rame’s ability to deliver substantial returns in a relatively short time frame.”
“There is currently strong global demand for power generating assets backed by investment quality power purchase agreements in stable countries.”