Renewables firm secures more capital for projects in SA, Ireland, Chile and Canada
10 September 2012
Creamer Media's Engineering News: International renewable-energy company Mainstream Renewable Power – which advanced to the preferred-bidder stage for South African wind and solar projects involving a combined 238 MW of capacity – has signed a corporate facility for up to €60-million with Macquarie and has also raised a further €16.8-million from high-net-worth individuals to assist it with its growth projects.
CEO Eddie O’Connor reports that the capital will support the company with its expansion, with over 325 MW of wind and solar plant going into construction in Ireland, South Africa, Chile and Canada this year.
The company says that construction is due to start soon on its 138 MW wind farm and two 50 MW solar photovoltaic plants in the Eastern Cape and Northern Cape.
The projects fall under South Africa’s Renewable Energy Independent Power Producer Programme (REIPPP), through which government is aiming to procure 3 725 MW for introduction between 2014 and 2016.