Origin Energy acquires majority stake in hydro developer

Diversified energy firm Origin Energy Limited has bought a 51 per cent stake in Energia Austral, a hydroelectric project developer, from copper mining company Xstrata Copper, according to Reuters.

Energia Austral is reportedly considering the option of developing a hydroelectric facility of approximately 1000 MW in the Aysen region in the south of Chile.

Once completed, it will comprise three hydroelectric plants and a transmission system connecting the hydropower facility to the nation’s Central Interconnected Grid (SIC).

Origin Energy has agreed to invest $75m to cover project development costs over the next three years.

Under the terms of agreement, it will also provide an additional $75m of investment, if the project is approved.

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