Mainstream Renewable Energy's former chief executive, Andy Kinsella, who quit last year before the company's €1 billion sale, has joined forces with a Texas investment company to set up a new European wind and solar energy venture.
The new business, Aer Soléir, will be headquartered in Dublin and focus on "developing, constructing, owning, and operating a multi-gigawatt (GW) portfolio of onshore wind, solar and energy storage projects throughout Europe, " according to 547 Energy, the US company partnering with Mr Kinsella.
Mainstream announced the surprise departure of its chief executive of three years, Andy Kinsella, last August as the company was in the middle of a sales process. He subsequently lodged a lawsuit against the company in the High Court on September 25th. Court records show the case was settled late last month. Neither side has offered any comment on the nature of the dispute.
Mr Kinsella was the first person Mainstream’s founder, Eddie O’Connor, when he set up the company in 2008.
Mr Kinsella owned the equivalent of 0.6 per cent of the company at the end of 2019, but also held stock options equating to about 1 per cent of its total outstanding shares as of that date, according to the latest set of accounts.
Mainstream agreed a deal in January for Norwegian investments company Aker to take control of the business in an accord that values it at up to €1 billion.
Aker Horizons, which is focused on renewable energy and green technology, will take a 75 per cent stake and existing investors have the option to cash in or follow Mr O’Connor, who plans to reinvest some of his money in the final 25 per cent of the business. The deal is expected to close by the end of June.
547 Energy, the clean energy investment platform of Quantum Energy Partners, noted in its announcement that Mr Kinsella has over 35 years of experience in the international energy sector and has held leadership positions at companies including ESB, ESB International, GE, and Siemens.
Sean O'Donnell, managing director at Quantum and Director of 547 Energy, said: "We have known Andy for years and are excited to further expand Quantum's presence in the clean energy space through this partnership with him. He is a proven, execution-focused executive who can deliver strong results for his investors.
“The task of decarbonising the European power grid is a meaningful undertaking that will require the vision and dedication of entrepreneurs like Andy and the Aer Soléir team.”