The SMart Wind consortium, led by Mainstream Renewable Power and Siemens Project Ventures, secured grid connection for the first Gigawatt (GW) of its 4GW Hornsea offshore wind development off the Yorkshire coast.
Mainstream successfully raised EUR €54m from private investors in the latest round of equity fundraising.
Mainstream acquired the 67MW Sydenham project in Ontario, an attractive market in Canada with a newly introduced feed-in-tariff.
SMart Wind, a 50:50 joint venture formed early in 2009 by Mainstream Renewable Power and Siemens Project Ventures was awarded a contract by The Crown Estate to develop and build 4,000MW of wind farms off the UK’s Yorkshire coast by 2020.
SMart Wind is also working with Hochtief, the fourth largest construction company in the world, as a preferred supplier, so that the supply chain is actively involved in the design of the projects. Hochtief also has a joint venture with the Beluga Group, the world leader in the project and heavy lift cargo segment, Beluga Hochtief Offshore.
Mainstream acquired a portfolio of wind farm projects in the State of Illinois with a potential capacity of 787MW which is expected to be delivered by 2014.
Mainstream signed a joint venture with Genesis Eco-Energy, to build an initial pipeline of over 500MW of wind energy in the Eastern, Northern and Western Capes in South Africa by 2014.
Mainstream signed a CAD $840m joint venture deal with Alberta Wind Energy Corporation to build an initial portfolio of over 400MW of wind energy plants in Alberta by 2013.
Mainstream was awarded the exclusive right to develop a GBP L1.1bn offshore wind farm in Scottish territorial waters, with a potential capacity of 420MW.
Mainstream successfully raised EUR €26m in loan notes, structured and arranged by Dolmen Corporate Finance
Mainstream signed a USD $1bn joint venture deal with Andes Energy to develop and build an initial pipeline of 400MW in Chile by 2014.
Mainstream Renewable Power was founded by Eddie O’Connor and Fintan Whelan with a seed capital of €32m. In August 2008 the company closed a €40m equity fundraising in which Barclays Capital invested €20m for a 14.6% stake in the company. The Board, management and staff, as well as close associates of the company invested an additional €20m.