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Mainstream raises €40m for renewable energy projects

Mainstream Renewable Power has raised €40 million in loan notes to finance its domestic and international renewable energy plans.

By Kari Williamson

The three-year loan notes were raised by Dolmen Stockbrokers from Irish high-net-worth individuals and institutions.

Mainstream Renewable Power is also in the process of finalising an equity fundraising - €13m of which has already been invested by Irish high-net-worth individuals through NCB Stockbrokers.

By the time institutional investors have been brought on board, Mainstream says investments could bring a total of €100m to the company.

CEO Eddie O'Connor, says: “2011 was an outstanding year for Mainstream. We won 238 MW 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.

“Despite economic conditions Mainstream is bucking the trend; we have aggressive growth plans for this year onwards and these fundraisings underpin the level of confidence in our business.”

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