Mainstream Renewable bags EUR 90m to back global growth

The Perdekraal East wind farm in Ceres, South Africa. Image by Mainstream Renewable Power (www.mainstreamrp.com)

November 29 (Renewables Now) - Mainstream Renewable Power has obtained EUR 90 million (USD 101.4m) in an oversubscribed equity offering among its shareholders, the utility-scale wind and solar developer said on Monday.

Aker Horizons ASA (OSE:AKH), the majority-owned renewables platform of Norway’s Aker ASA (FRA:FKM), has kept its 75% interest in Mainstream following the transaction.

The raised funds will help the company speed up its expansion by entering new markets and building gigawatt-scale wind and solar parks across Latin America, Africa and the Asia Pacific region. Mainstream’s growth plan involves the execution of projects such as the 1.37-GW Andes Renovables platform in Chile, due to be completed between 2021 and 2023, and the 1.4-GW Phu Cuong Soc Trang offshore wind project in Vietnam. Last month, it won a preferred bidder status for 1.27 GW of wind and solar projects in a South African tender.

“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,” said CEO Mary Quaney.

(EUR 1.0 = USD 1.127)

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