Mainstream Renewable Power has signed a corporate financing facility with Macquarie to help it develop its business in the renewable energy sector.
Mainstream has secured an investment of €60 million from Macquarie that will support the development of over 325 MW of wind and solar power projects around the world. Mainstream will receive an initial €40 million of capital, followed by a further €20 million at a future date on satisfaction of certain conditions and approvals.
Mainstream says it has also raised a further €16.8 million from high net worth individuals “and has appetite to take in additional equity to further develop its business”, it said in a statement.
The renewable energy firm is due to start building a 138 MW wind farm and two 50 MW solar photovoltaic plants in South Africa this year. Construction is also due to start at the 33 MW Negrete Cuel Wind farm in Chile and the 46 MW Old Man wind farm in Canada.
Mainstream’s first Irish project, a 9 MW wind farm, goes into commercial operation in November this year.
It has also submitted planning permission for a 450 MW offshore wind farm in Scotland and is progressing with two major offshore wind farms in Germany and England.
“After going through our initial development stage, Mainstream is now embarking on a very strong growth trajectory,” said Mainstream CEO Eddie O’Connor. “We have a team of over 150 specialised staff actively developing more than 50 large scale wind and solar projects across four continents … this investment means we will be bringing more projects into construction as well as expanding our global project development portfolio.”
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