O'Connor launches new fund seeking investment for wind energy projects
Renewable energy businessman Eddie O'Connor has launched a new investment fund to raise capital for wind energy projects.
The fund, called Mainstream Capital, will seek investment from pension funds and insurers to help finance a €3bn wind and solar-power expansion by O'Connor's company Mainstream Renewable Power.
It will be aimed at investors such as pension funds who want a regular absolute return of 6pc per year for what O'Connor described in a Bloomberg interview this week as a "low risk" investment in his company's global wind and solar energy projects.
Mr O'Connor, founder and chief executive of Mainstream Renewable Power, said the motivation for the move was to gain access to capital at better rates.
Mainstream has renewable energy projects across four continents. It has a project portfolio of over 19,000 megawatts across Ireland, the UK, Germany, South Africa, Chile, the US and Canada and is actively looking at the best opportunities in new markets.
In Ireland, the Government had set a target of increasing environmental assets under management deployed or domiciled from Ireland from €15bn as it is today to €150bn by 2017.
Mr O'Connor founded renewable energy company Airtricity, which he sold to Scottish Energy for €2bn and then started Mainstream Renewable Power.