Mainstream Renewable Power Signs €60 Million Corporate Facility With Macquarie
DUBLIN, September 9, 2012
DUBLIN, September 9, 2012 /PRNewswire/ --
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
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
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 portfolio."
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 decade.
"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 Mr Fass.
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 billion.
For more information go to http://www.mainstreamrp.com/
Contact: For further information please contact: 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.
Press spacebar to pause and continue. Press esc to stop.