Mainstream Renewable Power seeks €100m to fund expansion

Irish wind and solar energy company Mainstream Renewable Power is looking to raise €100m from investors to fund its expansion in emerging markets.

Mainstream Renewable Power seeks €100m to fund expansion

The firm, headed by Airtricity founder Eddie O’Connor has appointed US investment bank PJT Partners to raise at least €100m from one or more investors through an equity sale.

The funding will be used to support its expansion in South America, Africa, and South-East Asia.

The announcement came as the company reported after-tax profits of €96m.

The result marks a significant turnaround in fortunes for the firm, which posted a €46.6m loss in 2014, which was achieved after a strategic review of its business.

“Last year was a landmark year of growth and progress for Mainstream. Following a review of our business activities in 2014, we implemented a business plan reflecting a renewed strategic focus; concentrating on the development of renewable energy platforms in growth markets,” Mr O’Connor said.

“I am delighted to attribute the robust financial turnaround made in 2015 to the diligent implementation of our new business plan, which reflects the value realised from the recent sale of certain offshore assets, payments received following delivery of projects to the Lekela platform and reductions to our cost base.

“This year has already seen us build on this momentum. We are currently planning a significant equity fundraise of at least €100m to take advantage of the growth opportunities available to us and following the indication of a significant level of appetite to become part of the Mainstream growth story from third party institutional and strategic investors.”

Mainstream is reducing its presence in the European market. As part of the strategy, the group sold its Hornsea 1 project in Q1 2015 for £82.9m (€104.87m).

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