Mainstream raises €40 million funding

IRELAND: Developer Mainstream Renewable Power has secured EUR 40 million funding to help it expand internationally.

Mainstream said the money came from “Irish high-net-worth individuals and institutions” and described it as one of Ireland’s largest fundraisings of the last year.

The money will be used to develop projects in South Africa, Chile, Germany and the UK.

Commenting on the fundraising, Mainstream’s Chief Executive Eddie O’Connor said:  “[In 2011] we won 238MW of wind and solar contracts in South Africa; we procured wind turbines for our first wind farms in Chile and Ireland which we plan to build this year and we successfully sold the first two projects in our massive offshore UK wind zone in what was the largest deal of its kind last year.”

Mainstream pipeline projects:

• The 34.5MW Negrete Cuel development in central Chile.
• Preferred bidder status for the Jeffreys Bay 138MW wind farm located in the Eastern Cape, South Africa.
• A consortium member of the 8GW Hornsea North Sea offshore project.