PR93320

Mainstream Renewable Power successfully raises EUR 90 million in additional equity funding to accelerate new market entries and build-out of gigawatt-scale renewable assets

DUBLIN, November 29, 2021 /PRNewswire=KYODO JBN/ --

    Mainstream Renewable Power ("Mainstream"), the global wind and solar

company, has raised €90 million in additional funding to accelerate new market

entries and the build-out of gigawatt-scale wind and solar assets across Latin

America, Africa and the Asia Pacific region.

    The capital increase raised €90 million from Mainstream's current

shareholder base, including Aker Horizons, which maintained its 75% stake in

the company. Demand from Mainstream's Irish investor base was strong, resulting

in an oversubscribed transaction.  

   The funding round will help accelerate the company's growth, extend its

footprint and support its ambitions of building a global renewable energy

major. Mainstream has secured several strategic wins in recent months,

including winning preferred bidder status of projects with a combined capacity

of 1.27 GW in South Africa, launching the 1 GW Nazca Renovables platform in

Chile and securing an investment decision from the Provincial Government of Soc

Trang relating to the 1.4 GW Phu Cuong Soc Trang offshore wind project in

Vietnam. Mainstream is also currently in the process of constructing the 1.37

GW Andes Renovables platform in Chile, on track to complete construction

between 2021 and 2023.

   Mary Quaney, Mainstream's Chief Executive Officer, said:

   "Today's announcement of an additional €90 million of funding means that

Mainstream can accelerate its role in tackling climate change across the globe.

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."

   Media Contact:

   Emmet Curley, Head of Communications & Positioning

   Phone: +353 86 2411 690

   Email: emmet.curley@mainstreamrp.com  

   Caroline Cutler | Ojasvi Goel, FTI Consulting

   Phone: +44 20 3727 1000

   Email: mainstreamRP@fticonsulting.com

   About Mainstream Renewable Power

   Mainstream Renewable Power is a leading pure-play renewable energy company

with a global footprint. The company is focused on expanding its high-quality

pipeline of more than 16.2 gigawatts (GW) of wind and solar assets across Latin

America, Africa, Asia Pacific as well as the global offshore wind sector. In

May 2021, it closed an agreement for Aker Horizons to take a 75% equity stake

in the company, enabling Mainstream to accelerate its global expansion plan.  

   Mainstream has delivered more than 6.5 GW of wind and solar assets to

financial close-ready, and currently has 1.6 GW (net) in construction or

operation across Latin America and Africa. In Chile, Mainstream's wholly owned

1.37 GW Andes Renovables Platform of fully contracted wind and solar assets are

on track to complete construction between 2021 and 2023. In South Africa, the

company has delivered 850 MW of wind and solar assets into commercial

operation, and in October 2021, twelve of its wind and solar projects, with a

combined capacity of 1.27 GW (0.32 GW net) won preferred bidder status in Round

5 of South Africa's Renewable Energy Procurement Programme. Through its Lekela

Power joint venture the company has 410 MW of wind assets in construction in

Senegal and Egypt.    

   Mainstream is one of the most successful pure-play developers of offshore

wind at scale globally.  It has successfully consented Hornsea One (1.2 GW),

the largest operational offshore wind plant in the world today; and developed

the Hornsea 2 project (1.4 GW) before selling these projects and the entire

Zone in 2015. Overall, it has developed and consented 20% of the UK's offshore

wind capacity either in operation or under construction.  Mainstream fully

consented the Neart na Gaoithe offshore wind project in Scotland, 450 MW,

currently under construction.  The company's Soc Trang 1.4 GW (1 GW net)

offshore wind development in Vietnam is one of South-East Asia's largest

renewable energy developments.  

   Mainstream has raised more than EUR3.0bn in project finance to date and

employs more than 420 people across five continents.

   www.mainstreamrp.com

   Logo:  

https://mma.prnewswire.com/media/686512/Mainstream_Renewable_Power_Logo.jpg

   Source: Mainstream Renewable Power