Saturday 22 October 2016

Eddie O'Connor's Mainstream Renewable Power raising €100m for expansion

Published 03/05/2016 | 13:24

Eddie O'Connor, boss of Mainstream Renewable Power
Eddie O'Connor, boss of Mainstream Renewable Power

Eddie O’Connor’s Mainstream Renewable Power is “in the process” of raising €100m as it seeks to expand across emerging markets in South America, Africa, and South East Asia.

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The company swung to an after tax profit of €96m last year after losing almost €50m in 2015.

Mr O’Connor said the results reflected “diligent implementation” of a new business plan.

He said the turnaround involved “the value realised from the recent sale of certain offshore assets, payments received following delivery of projects…and reductions to our cost base.”

“2016 has already seen us build on this momentum. We are currently planning a significant equity fundraise of at least €100 million to take advantage of the growth opportunities available to us and following the indication of a significant level of appetite to become part of the Mainstream growth story from third party institutional and strategic investors.”

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