Mainstream Renewable raises €90m to accelerate new market entries

Mainstream Renewable Power, the wind and solar energy group founded by Eddie O'Connor, has raised €90 million in additional funding to accelerate new market entries and build-out assets across Latin America, Africa and the Asia-Pacific region.

The capital raise from Mainstream's current shareholders, including Norwegian investments company Aker Horizons, which maintained its 75 per cent stake in the company, will accelerate the company's growth, extend its footprint and support its ambitions of building a global renewable energy major, the firm said.

Demand from Mainstream’s Irish investor base was strong, resulting in an oversubscribed transaction, it added.

Mainstream was taken over by Aker earlier this year in a deal that values the business at up to €1 billion.

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Existing investors, led by Mr O’Connor, retained a 25 per cent stake in the business after the deal, which includes a potential €100 million payment in 2023 if certain performance conditions are met.

Mainstream, set up by Mr O'Connor in 2008 after the sale of the Airtricity business he had developed, has secured several strategic wins in recent months, including winning preferred bidder status of projects with a combined capacity of 1.27 gigawatt in South Africa; launching the 1 gigawatt Nazca Renovables platform in Chile and securing an investment decision from the provincial government of Soc Trang relating to the 1.4 gigawatt offshore wind project in Vietnam.

The company is also in the process of constructing the 1.37 gigawatt Andes renovables platform in Chile, which is on track to complete construction between 2021 and 2023.

Chief executive Mary Quaney said: "Today's announcement of an additional €90 million of funding means that Mainstream can accelerate its role in tackling climate change across the globe."

“This funding will help us deliver on the major project milestones we’ve announced in recent months, across South Africa, Vietnam and Chile, and strengthen our global growth trajectory as we continue to expand our presence in existing markets as well as enter new markets in the months ahead,” she said.