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Ireland

Ireland

Mainstream signs EUR60 million debt deal with Macquarie

IRELAND: Wind and solar developer Mainstream Renewable Power has signed its largest ever corporate debt facility with Australian infrastructure investor Macquarie.

Mainstream will receive an initial €40 million corporate-level facility, with provision for an additional €20 million to be loaned by Macquarie in the future.
 
Mainstream has also raised €16.8 million in equity investment from High Net Worth Individuals. The firm says it has the "appetite" to take in additional equity as it seeks to further develop its business.
 
Projects that the firm is developing include an interconnector dubbed the Energy Bridge, which will export 5,000MW of wind power from Ireland to the UK starting from 2017.
 
This year the firm has over 325MW of wind and solar plant going into construction in Ireland, South Africa, Chile and Canada. After winning three government tenders in South Africa last year, construction is due to start on its 138MW wind farm and two 50MW solar Photovoltaic plants in the Eastern and Northern Capes. 
 
Mainstream is also due to commence construction at the 33MW Negrete Cuel Wind farm in Chile and the 46MW Old Man wind farm in Canada. Mainstream’s first Irish project (9MW wind farm) goes into commercial operation in November this year.
 
Mainstream has recently submitted a planning application for its 450MW Neart na Gaoithe offshore wind farm in Scotland and is also progressing two mega-scale offshore wind farms in England and Germany.
 
The €60 million corporate debt facility is Mainstream’s largest single tranche of capital at the corporate level. Macquarie’s funding follows Barclays Capital who invested €20 million when the company was established in 2008.

This investment brings total equity and corporate debt raised by Mainstream since it was founded in 2008 to over €265 million.

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