Mainstream Renewable Power, a developer of renewable energy projects with a strong focus on solar and wind power, has announced that it has secured an investment of €60 million from Macquarie Group after a rigorous nine month due diligence process. The transaction is subject to conditions including approval from Mainstream Renewable Power’s shareholders.
Under the terms of the transaction, Mainstream Renewable Power will receive an initial €40 million. An additional €20 million will be allocated at a future date upon satisfaction of further conditions and approvals.
The investment will be used to help the company to expand internationally. It has more than 325MW of wind and PV projects in the pipeline including two 50MW PV plants in the Eastern and Northern Capes of South Africa.
Mainstream Renewable Power’s chief executive Eddie O'Connor stated, “After going through our initial development stage, Mainstream is now embarking on a very strong growth trajectory. We have a team of over 150 specialized staff actively developing more than 50 large-scale wind and solar projects across four continents. We have started construction on over 325MW of wind and solar projects in four countries and this investment means we will be bringing more projects into construction as well as expanding our global project development portfolio.”
In this latest round of fundraising, Mainstream Renewable Power has also managed to raise an additional €16.8 million from high net worth individuals. Since the company was established in 2008, it has raised more than €265 million in total equity and corporate debt.