Macquarie investment will allow Mainstream to expand

By ERIKKA ASKELAND
Published on 09/09/2012 23:59

Dublin-based wind farm developer Mainstream Renewable Power, which recently submitted a planning application for the £1.4 billion Neart na Gaoithe offshore project in Scotland, has been backed with a €60 million (£48m) corporate facility from Australian industrial investor Macquarie Group.

Mainstream – founded by Eddie O’Connor in 2008 after he sold Airtricity to E.ON and Scottish & Southern Energy for €1.8bn – also raised €16.8m from “high net worth individuals”.

The company said it is set for significant expansion this year with more than 325MW of wind and solar plants going into construction in Ireland, South Africa, Chile and Canada. Its first Irish wind farm goes into commercial operation in November.

Neart na Gaoithe, which is set to be Scotland’s second-largest offshore wind farm, could be up and running by 2016 after the developer submitted an application to build up to 125 wind turbines in the outer Forth Estuary, about 20 miles north of Torness. Consultation on the project closes today.

The company is also working on developing two further large-scale offshore wind farms in England and Germany.

O’Connor said: “Mainstream is delighted to be partnering with leading renewable energy investor Macquarie at such an exciting time for our company.

“We have been through a very comprehensive due diligence process and Macquarie’s investment is a clear testament to the confidence they have in our future growth.”

David Fass, Macquarie’s chief executive for Europe, Middle East and Africa, said: “Mainstream is uniquely positioned to benefit from the development of the offshore wind sector, which will play an increasingly important part in the generation mix over the next decade.”