Mainstream Renewable Power successfully raises EUR 90 million in additional equity funding to accelerate new market entries and build-out of gigawatt-scale renewable assets
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DUBLIN, Nov. 29, 2021 /PRNewswire/ — Mainstream Renewable Power ("Mainstream"), the global wind and solar company, has raised €90 million in additional funding to accelerate new market entries and the build-out of gigawatt-scale wind and solar assets across Latin America, Africa and the Asia Pacific region.
The capital increase raised €90 million from Mainstream's current shareholder base, including Aker Horizons, which maintained its 75% stake in the company. Demand from Mainstream's Irish investor base was strong, resulting in an oversubscribed transaction.
The funding round will help accelerate the company's growth, extend its footprint and support its ambitions of building a global renewable energy major. Mainstream has secured several strategic wins in recent months, including winning preferred bidder status of projects with a combined capacity of 1.27 GW in South Africa, launching the 1 GW Nazca Renovables platform in Chile and securing an investment decision from the Provincial Government of Soc Trang relating to the 1.4 GW Phu Cuong Soc Trang offshore wind project in Vietnam. Mainstream is also currently in the process of constructing the 1.37 GW Andes Renovables platform in Chile, on track to complete construction between 2021 and 2023.
Mary Quaney, Mainstream's Chief Executive Officer, said:
"Today's announcement of an additional €90 million of funding means that Mainstream can accelerate its role in tackling climate change across the globe. This funding will help us deliver on the major project milestones we've announced in recent months, across South Africa, Vietnam and Chile, and strengthen our global growth trajectory as we continue to expand our presence in existing markets as well as enter new markets in the months ahead."
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About Mainstream Renewable Power
Mainstream Renewable Power is a leading pure-play renewable energy company with a global footprint. The company is focused on expanding its high-quality pipeline of more than 16.2 gigawatts (GW) of wind and solar assets across Latin America, Africa, Asia Pacific as well as the global offshore wind sector. In May 2021, it closed an agreement for Aker Horizons to take a 75% equity stake in the company, enabling Mainstream to accelerate its global expansion plan.
Mainstream has delivered more than 6.5 GW of wind and solar assets to financial close-ready, and currently has 1.6 GW (net) in construction or operation across Latin America and Africa. In Chile, Mainstream's wholly owned 1.37 GW Andes Renovables Platform of fully contracted wind and solar assets are on track to complete construction between 2021 and 2023. In South Africa, the company has delivered 850 MW of wind and solar assets into commercial operation, and in October 2021, twelve of its wind and solar projects, with a combined capacity of 1.27 GW (0.32 GW net) won preferred bidder status in Round 5 of South Africa's Renewable Energy Procurement Programme. Through its Lekela Power joint venture the company has 410 MW of wind assets in construction in Senegal and Egypt.
Mainstream is one of the most successful pure-play developers of offshore wind at scale globally. It has successfully consented Hornsea One (1.2 GW), the largest operational offshore wind plant in the world today; and developed the Hornsea 2 project (1.4 GW) before selling these projects and the entire Zone in 2015. Overall, it has developed and consented 20% of the UK's offshore wind capacity either in operation or under construction. Mainstream fully consented the Neart na Gaoithe offshore wind project in Scotland, 450 MW, currently under construction. The company's Soc Trang 1.4 GW (1 GW net) offshore wind development in Vietnam is one of South-East Asia's largest renewable energy developments.
Mainstream has raised more than EUR3.0bn in project finance to date and employs more than 420 people across five continents.
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