DUBLIN, Sept. 9, 2012 /CNW/ - Global Renewable Energy Company Mainstream
Renewable Power ("Mainstream") today announced the successful signing
of a corporate facility for up to EUR60 million provided by Macquarie
Group ("Macquarie"). Under the terms of the transaction, Mainstream
will receive an initial EUR40 million corporate-level facility with
provision for an additional EUR20 million of capital at a future date
upon satisfaction of certain further conditions and approvals.
The transaction remains subject to conditions precedent including
Mainstream shareholder approval.
In this current round of fundraising, Mainstream has also raised EUR16.8
million from High Net Worth Individuals and has appetite to take in
additional equity to further develop its business including the massive
Energy Bridge which will export 5,000MW of wind power from Ireland to
the UK starting from 2017.
Mainstream is set for significant expansion this year with over 325MW of
wind and solar plant going into construction in Ireland, South Africa,
Chile and Canada. After winning three government tenders in South
Africa last year, construction is due to start on its 138MW wind farm
and two 50MW solar Photovoltaic plants in the Eastern and Northern
Capes. Mainstream is also due to commence construction at the 33MW
Negrete Cuel Wind farm in Chile and the 46MW Old Man wind farm in
Canada. Mainstream's first Irish project (9MW wind farm) goes into
commercial operation in November this year.
Mainstream has recently submitted a planning application for its 450MW
Neart na Gaoithe offshore wind farm in Scotland and is also progressing
two mega-scale offshore wind farms in England and Germany.
Commenting on the deal, Mainstream's Chief Executive Eddie O'Connor
said: "Mainstream is delighted to be partnering with leading renewable
energy investor Macquarie at such an exciting time for our company. We
have been through a very comprehensive due diligence process and
Macquarie's investment is a clear testament to the confidence they have
in our future growth."
He continued: "After going through our initial development stage,
Mainstream is now embarking on a very strong growth trajectory. We
have a team of over 150 specialised staff actively developing more than
50 large scale wind and solar projects across four continents. We have
started construction on over 325MW of wind and solar projects in four
countries and this investment means we will be bringing more projects
into construction as well as expanding our global project development
Macquarie Group's Chief Executive in Europe, Middle East and Africa,
David Fass, commented: "Macquarie is delighted to support Mainstream in
the realisation of its UK and global renewable energy pipeline. We
believe Mainstream is uniquely positioned to benefit from the
development of the offshore wind sector, which will play an
increasingly important part in the generation mix over the next
"This transaction continues Macquarie's strong track record across the
renewable energy sector as an investor, adviser, developer, operator
and financier. We are seeing an increasing level of interest from
clients who are seeking bespoke funding solutions to support the growth
of their businesses. Given our depth of expertise and commitment to
funding renewable energy projects, we are able to provide clients with
the type of capital necessary to expand their project portfolios," said
The facility, which follows a rigorous nine month due diligence process,
is Mainstream's largest single tranche of capital at the Holdco level.
Macquarie's funding follows Barclays Capital who invested EUR20 million
when the company was established in 2008. This investment brings total
equity and corporate debt raised by Mainstream since it was founded in
2008 to over EUR265 million. Eddie O'Connor founded Mainstream after
selling Airtricity to E-ON and Scottish and Southern Energy for EUR1.8
For more information go to http://www.mainstreamrp.com/
SOURCE: Mainstream Renewable Power
For further information:
Mainstream Renewable Power: Emmet Curley, Corporate Communications, Mainstream Renewable Power, Phone: +353-85-734-9946 or Macquarie Group: Karen Smith, Corporate Communications, Macquarie Group, Phone: +44-20-3037-2420.