Pacific Hydro takes full control of Chile’s 111-MW Chacayes hydropower project

Italian contractor Astaldi has announced it will sell its 27.3% interest in Chile’s 111-MW Chacayes hydroelectric plant to Pacific Hydro Chile.

The US$44 million deal gives Pacific Hydro — a subsidiary of China’s State Power Investment Corp. (SPIC) — complete ownership of Chacayes and is “in line with Astaldi’s strategies,” according to a company statement.

The agreement is expected to close by the end of this month.

Chacayes is located in the Alto Cachopoal Valley and was the first of six run-of-river project planned by Pacific Hydro for the region. Pacific Hydro, then an Australian company under different ownership, awarded Astaldi a $282 million contract to build the plant in 2008.

SPIC took over Pacific Hydro in December 2015, giving the Chinese conglomerate control over Chilean interests that also include the 155-MW La Higuera, 164-MW La Confluencia and a 310 MW plant in the Tinguiririca Valley operated as a joint venture with Tinguiririca Energy.

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Michael Harris formerly was Editor for HydroWorld.com.

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