New renewable venture to see Euro 30m investment

Airtricity Founder Eddie O'Connor is to inject Euro 30m into a new venture called Mainstream Renewable Power.

The Irish Independent has reported that Mr O'Connor's new global renewable energy company will target wind projects in Ireland, the UK, Germany, Australia, Chile and the US.

Some €240m has to be raised in order to launch the company and Dolmen Securities is to lead fundraising, with contributions expected from institutional investors later in the year.

"We expect to make more deals over the coming months, bringing home the point that we are already a global renewable energy company," said Mr O'Connor.

Chief development officer of the new firm Torben Anderson said the company initially intends to split its developments equally between onshore and offshore projects.

Meanwhile, Airtricity is offering to take 50 residents from the site of a proposed windfarm in East Staffordshire to its Dalwinton windfarm near Dumfries in Scotland in order to win support for the venture, the Burton Mail reports.



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