London, UK [RenewableEnergyWorld.com] Mainstream Renewable Power, a renewable energy company led by Airtricity founder Eddie O’Connor, has announced the successful closing of a €40 million [US $59.6 million] equity fundraising in which Barclays Capital have invested €20 million [US $29.8 million] for a 14.6% stake in the company.
The board, management and staff of Mainstream, as well as close associates of the company, have invested an additional €20 million [US $29.8 million]. Together with the initial seed capital of €32 million [US $47.75 million], this brings the total equity raised to date to €72 million [US $107.43 million].
The company is also planning a major fundraiser later this year, with Barclays Capital committing to invest a further substantial amount at that stage. As part of the deal, Mark Brown, head of Barclays Capital Commodities Principal Investment team has been appointed to the board of Mainstream.
The money will be used to fund the company’s international expansion plans across Europe, North and South America and Australia and will be used to secure the supply of turbines to be delivered in 2009, 2010 and 2011.
In June, Mainstream announced its plans to build an initial pipeline of 240 megawatts of projects in Chile with its partner Andes Energy.
“There are lots of opportunities out there and we’re selecting what we believe to be the best ones. Our plan is to go to investors with a series of commercial opportunities later this year and to raise enough equity to develop the,” said Fintan Drury, Mainstream’s chairman.