Italian project contractor Astaldi has announced it will sell its 27.3% interest in the 110-megawatt Chacayes hydroelectric plant in Chile to Pacific Hydro Chile, which is wholly owned by China’s State Power Investment Corp (SPIC). The stake will be sold for US$44 million, and will give Pacific Hydro 100% control of the company.

Astaldi says that the agreement envisages the transaction will close by March 31, after the planned authorization process is completed.

Chacayes was one of the first of six run-of-river projects planned by Pacific Hydro, which was originally an Australian company. In 2008 it awarded the construction contract to Astaldi. The plant lies in the Upper Cachapoal Region, south of capital city Santiago.

Pacific Hydro was acquired by SPIC in early 2016, in a deal worth US$3 billion including the assumption of debt. In addition to extensive projects across Australia, the company had also expanded into Chile and Brazil, where it has two wind farms located in the northeastern state of Paraiba.

SPIC is one of China's top five power generation companies, including nuclear power. It operates 144 hydropower plants in China, spread across twelve provinces.

Pacific Hydro's other Chilean projects include the 155MW La Higuera, 164MW La Confluencia, plus a 310MW plant in the Tinguiririca Valley which is operated as a joint venture with Tinguiririca Energy.

Photo courtesy of Pacific Hydro.