Mainstream signs co-operation agreement with Italian group ENI

Mainstream Renewable Power, the green energy group founded over a decade ago by businessman Eddie O'Connor, has signed a co-operation agreement with ENI to develop large-scale renewable assets, the Italian oil and gas group said on Wednesday.

The two companies plan to co-operate first in the UK and then expand their collaboration to Africa and South-East Asia.

ENI and Mainstream said they will make a joint bid in the fourth round of Britain’s offshore wind leasing tenders.

“We are delighted to announce this co-operation agreement with Eni. Our joint participation in the UK’s Offshore Round 4 will combine our leadership position, expertise and unrivalled track record in the global offshore wind sector, with Eni’s pre-eminence and experience in offshore energy infrastructure, its commitment to decarbonise the energy system, as well as its robust balance sheet, in what is a capital-intensive business,” said Mainstream chief executive Andy Kinsella.

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ENI, which reported €76.94 billion in revenues last year, is developing both brownfield and greenfield renewable energies projects globally, with the objective to install 1.6 gigawatts (GW) of new solar, wind and storage capacity by 2022 and 5 GW by 2025.

Globally, Mainstream has delivered more than 800 megawatts (MW) of wind and solar assets – the equivalent of about 13 per cent of Ireland’s peak electricity demand – into commercial operation and is building more than 700MW across Latin America and Africa.

Wind farm

The company is developing a wind farm in Vietnam, has prequalified for a 1,000 MW offshore wind tender in Gujarat, India, and owns 1.3 GW of fully contracted wind and solar assets in Chile.

In Africa, Mainstream has delivered 600 MW of wind and solar assets into commercial operation in South Africa and has 250 MW of wind assets in construction there. Through its Lekela Power joint venture in Africa it also has 410 MW of wind assets in construction in Senegal and Egypt.

The Dublin-based company recently promised “material growth and returns” to shareholders over the next decade after posting a record €487.5 million profit for last year.