Friday 21 October 2016

Mainstream set to sell North Sea project

Published 27/07/2015 | 02:30

Mainstream chief executive Eddie O'Connor
Mainstream chief executive Eddie O'Connor

Dublin-based Mainstream Renewable Power is in talks to sell a windfarm in the North Sea.

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The Irish firm, which was founded by entrepreneur Eddie O'Connor, is reported to be in talks to sell the 450 megawatt Neart na Gaoithe project to a joint venture between US firm InterGen and Siemens Project Ventures.

According to industry journal Sparkspread, the deal would be US-based InterGen's first investment in the offshore wind sector, though it has bid on previous offshore parks.

Dublin-based Mainstream re-launched a sale of the Neart na Gaoithe project earlier this year and took expressions of interest in April.

It ran an earlier sale in 2012 to sell a stake in the project, but is now looking to divest the project outright, it is claimed. Three years ago, Mainstream selected Siemens Wind as the project's preferred wind turbine supplier and a joint venture between Marubeni and Technip Offshore Wind Ltd as the preferred EPC contractor.

Mainstream won the right to develop the Neart na Gaoithe project in 2009 and signed a land lease with the UK's Crown Estate in 2011.

Earlier this year, Neart na Gaoithe was one of two offshore wind projects to be awarded contracts for difference by the UK government.

Irish Independent

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