Dublin renewable firm gets investment

Dublin-based Mainstream Renewable Power has received a boost from news that Barclays Capital is to invest Euro 20m in the venture.

Airtricity founder Eddie O’Connor is trying to raise Euro 200m to make the company one of the big players in the renewable energy industry.

Mr O’Connor is investing Euro 30m of his own money, while Barclays Capital’s investment is to give the company a 14.6% stake in the firm.

“There are lots of opportunities out there and we’re selecting what we believe to be the best ones,” Fintan Drury, chairman of Mainstream, told Cleantech.

“Our plan is to go to investors with a series of commercial opportunities later this year and to raise enough equity to develop them.”

Funds from the sale of equity will go towards procuring wind turbines, the company said.

Mainstream launched just six months ago and has already signed a deal to provide up to 240MW of wind energy in Chile.

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