Sian Crampsie

Mainstream Renewable Power has established a new business unit to help it raise capital for its multi-gigawatt project development portfolio.

The renewable energy company has a development pipeline of almost 9000 MW and says that there is a “vacuum” in the finance market for well-structured projects.

The new business unit – Mainstream Renewable Capital – will be lead by veteran energy banker and investor James P. McGinnis, and will give investors access to a range of different technologies, geographies and time-lines.

“Given our recent major government tender win in Chile and our new agreement with GE in Vietnam, now is the optimum time to get this off the ground,” said Eddie O’Connor, Mainstream’s CEO. “Over the next five years we have very substantial capital funding requirements to support our build-out programme and significant opportunities for the creation of new investment vehicles for dedicated renewable energy investors.”

Mainstream has 280 MW of renewable capacity under construction and recently announced plans to develop 2 GW of wind energy capacity in Chile and Vietnam.

“There is a vacuum in the market, with sophisticated investors increasingly looking for responsibly structured exposure to the renewable energy market,” said McGinnis. “We will seek to satisfy some of this unfulfilled demand with the kind of bespoke opportunities we will be offering across a diverse fleet of developing and operating renewable power generation assets.”