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Mainstream Secures Loan for Offshore Wind Farms, Expansion Plans

Mainstream Secures Loan for Offshore Wind Farms, Expansion Plans

Mainstream Renewable Power Ltd. signed a 60 million-euro ($77 million) loan agreement with Macquarie Group Ltd. as the Irish clean energy company develops offshore wind farms and makes plans to expand overseas.

Mainstream will get 40 million euros of the Macquarie mezzanine debt facility initially, with the balance to be paid later subject to conditions, Mainstream said in an e-mailed statement. The Dublin-based company also received 16.8 million euros from unspecified individuals and plans to raise more equity, according to the statement.

“We believe Mainstream is uniquely positioned to benefit from the development of the offshore wind sector, which will play an increasingly important part in the generation mix over the next decade,” David Fass, chief executive officer for Europe, the Middle East and Africa at the Sydney-based bank, said in yesterday’s statement.

Mainstream submitted an application in July to build a 450- megawatt wind farm off Scotland and is developing two sea-based projects in the U.K. and Germany. The company is about to start work at a 138-megawatt wind farm and two 50-megawatt solar projects in South Africa, the Negrete Cuel wind farm in Chile and a park in Canada.

Mainstream will also use funds for its Energy Bridge project to export wind from Ireland to the U.K. from 2017, according to the statement.

Copyright 2012 Bloomberg

Lead image: Offshore wind via Shutterstock

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