Thursday 27 October 2016

Rockefeller fund invests in Irish renewable firm's Africa project

Published 28/07/2016 | 08:46

Mainstream wants to build windfarms in Africa
Mainstream wants to build windfarms in Africa

The Rockefeller Brothers fund has emerged as an investor in an African project of Eddie O'Connor's Mainstream Renewable Power.

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The fund is run by descendants of legendary businessman John D Rockefeller, described by Forbes as "arguably the richest man in history".

Rockefeller founded Standard Oil and the University of Chicago.

The Rockefeller fund - set up by his sons - was part of a $117.5m investment in a Mainstream joint venture with private equity firm Actis in Africa.

Mainstream boss Eddie O'Connor said "the teaming up of the world’s leading independent renewable power developer with a foundation started by members of the family that effectively founded the global oil industry, is a significant moment in the world’s transition to a new power system based on clean energy."

"Providing electricity for the people of Africa requires huge investments and is an opportunity to re-kindle growth...we hope this will be the first investment of many from impact investors in this sector."

Stephen Heintz, president of the Rockefeller fund, said: "I’m confident that if John D. Rockefeller were alive today, he too would recognise the enormous opportunities in the clean energy economy and be at the forefront of the global shift to renewable resources."

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