Mr O’Connor sold his Airtricity businesses in the US and Europe last year for €50 million and with a portion of the money set up a new company in February called Mainstream Renewable Power.

Now, the relatively new company has signed into a €785 million joint venture deal with Chilean company Anders Energy to develop wind farms in the South American country.

It is hoped that the wind farms created will generate enough power for around 217,000 homes, with a 35MW wind farm planned to be ready in two years in the Valparaiso region of Chile.

When asked about the deal, Mr O’Connor stated Chile was chosen as the destination for the development because its government is showing support for renewable energy by putting “optimum support structures” in place.

The two companies are planning to create wind farms capable of generating up to 400MW of electricity.

ITC Group recently stated that it is hoping to raise €5 million through investors which will help finance the development of more wind farm technologies.

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