Origin Energy Limited (ASX:ORG) has acquired a majority 51 per cent stake in a hydroelectric power company in Chile called Energia Austral.
The stake was purchased from Xstrata PLC (XTA.LN) Copper who will retain the remaining 49 per cent interest.
Origin will progressively spend $US75 million on a feasibility study over the next three years and pour in an extra $US75 million towards a final investment decision if the project is deemed feasible.
Origin says the investment is in line with its pursuit of renewable energy opportunities in markets with attractive growth options.
Separately, Origin has also advised it will develop cleaner electricity for City of Sydney through investing $100 million over 10 years to build trigeneration precincts in four zones across Australia’s largest city.
Trigeneration involves using natural gas-powered engines to generate on-site electricity, helping to lower carbon emissions and network demand.
Origin Energy rebounded from a first half loss to a profit of $823 million in the last six months of 2011.
