Former Airtricity chief launches global renewable energy firm

The Irish businessman who founded the billion-euro wind energy firm Airtricity is now eyeing the global renewable energy market.

Former Bord na Mona chief Eddie O'Connor has announced details of his international expansion plans aimed at capitalising on the power needs of a post fossil fuel world.

Mainstream Renewable Power was set up in February of this year to build and operate wind, solar thermal and ocean current power plants throughout Europe, the US, South America and Australia.

Eddie O'Connor has invested €30m of his own money in the firm, and will in the next few months will start to raise €200m to fund its overseas projects.

Speaking at a press conference in Dublin, Mr O'Connor said we are witnessing a "once-off historical transition" that every country must make from costly fossil fuels to free, sustainable fuels.

He said he aims to set renewables at the centre of global energy policy, as a solution to the "twin scourges" of insecure energy supplies and global warming.

Last week Mainstream struck a deal to develop a pipeline in Chile; it also aims to develop an EU 'Supergrid' using wind and ocean-based power in Northern Europe and solar energy in southern Europe.