Mainstream Renewable Power plans to raise funds for expansion
Mainstream Renewable Power, the newly established renewable energy company founded by
Eddie O'Connor, has indicated about its plans to raise 200 million euros.
Dr O'Connor, former CEO of Airtricity, has invested 30 million euros in the new company and announced that he will now seek to raise at least 200 million euors from September 2008 to further fund the company's expansion plans.
The Dublin-based company will develop, construct and operate a range of renewable energy plants
across Europe, the US, South America and Australia and expects to have 200MW of power built by 2010.
The new company will develop wind, concentrated solar power and marine power projects, and aims to sell some resulting income to investment funds looking for annual seven percent returns and keep expected profits above that for itself, reported Reuters. The company is actively engaging in development opportunities both onshore and offshore in Ireland, the UK, Germany, the US, Chile and Australia.
"We have ambitious expansion plans and over the coming years, as the environmental imperative becomes stronger, we look forward to realising our vision of creating a highly profitable business where renewable energy becomes the mainstream source of electricity on a global scale," O'Connor had said recently.
In 2007, Airtricity had sold its North American business unit (Airtricity North America) to E.on for approximately $1.4bn (995m euros). The remainder of the company was sold to Scottish and Southern Energy in January 2008.
In April this year, it was shared that diversified Irish utilities group NTR is to invest $100m (€63m) in Arizona-based solar energy company Stirling Energy Systems, signalling a major foray into the sector.
NTR received about €900m for its stake in Airtricity