Mainstream to raise more financing
Over €50 million of financing is set to be raised by Mainstream Renewable Power as it looks to build up its worldwide wind power catalogue.
Mainstream is the latest renewable energy venture of Airtricity founder Eddie O’Connor and is set to be the latest to dip into what has been classed as mezzanine debt.
Dolmen Corporate Finance is currently raising the debt, according to the Irish Independent, which has become popular with companies delving into wind energy projects.
The debt is a merging of equity and debt financing, with both institutional investors and other fat cats putting money forward, and has helped to bridge the gap between a company’s debt and actual equity.
Despite only launching Mainstream in June, Mr O’Connor has already signed a development deal in Chile, for the building of a €750 wind farm.
And O’Connor believes his company will have no problem securing funding in the future.
He said: “There’s a lot of distressed projects out there but we have no problem raising capital because we have an established track record. We have never failed to deliver.”
Adam Bruce was recently announced as Mainstream’s new global head of corporate affairs.