Mainstream Renewable Power has secured €90 million (US$101.6 million) in equity funding to support the build-out of a multi-gigawatt pipeline across Latin America, Africa and the Asia Pacific region.
The raise will help accelerate growth and support its ambitions of “becoming a global renewable energy major”, Mainstream said. The company has recently won a preferred bidder status for 1.27GW worth of projects in South Africa and launched a 1GW Nazca Renovables platform in Chile.
Mary Quaney, CEO of Mainstream, said: “This funding will help us deliver on the major project milestones we’ve announced in recent months, across South Africa, Vietnam and Chile, and strengthen our global growth trajectory as we continue to expand our presence in existing markets as well as enter new markets.”
The investment came from Mainstream’s current shareholder base, including Norwegian investment firm Aker Horizons, which maintained the 75% stake in the company it acquired at the start of the year. Demand from its Irish investors was strong and resulted in an oversubscribed transaction, Mainstream said.