Energy firm raises €40m in 'outstanding' year
MAINSTREAM Renewable Power, the company headed by Eddie O'Connor, has raised €40m from Irish investors and institutions. The company, a global renewable energy developer, raised the money through three-year loan notes.
The deal, put together by Dolmen Stockbrokers, is expected to formally close this week and makes it the biggest private fundraising venture in 2011.
The company is also finalising an equity fundraising through NCB Stockbrokers which involves Irish individuals investing €13m.
Mainstream Renewable Power also expects to receive further investment from big institutions, which, together with its fundraising efforts, should bring an additional €100m to the business. The company is raising money to continue its international expansion.
Mr O'Connor said the company had an "outstanding" year in 2011. "We have aggressive growth plans for this year onwards and these fundraisings underpin the level of confidence in our business," he said.
"We won 238MW of wind and solar contracts in South Africa; we procured wind turbines for our first wind farms in Chile and Ireland, which we plan to build this year, and we successfully sold the first two projects in our massive offshore UK wind zone."