Mainstream closes €60m financing to continue global march

22 Dec 2014

Global wind and solar-energy player Mainstream Renewable Power has closed a new €60m corporate debt facility with BlueBay Ireland Corporate Credit.

The debt facility was supported by BlueBay Asset Management with substantial investment from the National Pension Reserve Fund and through Cantor Fitzgerald Ireland from high net worth individuals and institutions.

During 2013, Mainstream acquired six wind and solar projects in Ireland, Chile, Canada and South Africa.

It announced plans to build Ghana’s first utility-scale wind farm.

The company also received permission to operate two offshore wind farms in the UK and is planning to build three more wind farms in South Africa next year.

Global reach of Mainstream Renewable Power

“(The year) 2004 was an outstanding year for Mainstream,” said CEO Eddie O’Connor.

“Our global team successfully delivered wind and solar farms into commercial operation across four continents, including the largest operating wind farm on the continent of Africa.

“For our offshore business it was an exceptional year; after six years of development activities we were granted consent to build and operate two very significant projects; the 450MW Neart na Gaoithe project in Scotland, as well as well as the 1,200MW Hornsea Project 1 in England.

“When Hornsea Project 1 reaches commercial operation by 2020 it will become the world’s first gigawatt scale far from shore wind farm.

“This has been achieved by a huge team effort across the company and I am excited by what 2015 has in store,” O’Connor said.

Energy efficiency image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years