June 15 /PRNewswire/ -- Mainstream Renewable Power, the global renewable energy company, today announced its first U.S. investment, purchasing a portfolio of wind farm projects in Illinois with the potential to generate 787 megawatts by 2013. The company acquired the assets from local wind farm developers Bruce and Joyce Papiech of FPC Services for an undisclosed price. The portfolio comprises three separate projects at various stages of development, located within 100 miles of Chicago, the nation's third largest metropolitan area; and will require more than $1.69 billion over a four-year period to develop fully.
Company Background:
Mainstream Renewable Power, based in Dublin, Ireland, was founded in February 2008 by Dr. Eddie O'Connor and Mr. Fintan Whelan, former chief executive and corporate finance manager of Airtricity. Its core business is to develop, build and operate wind energy, solar thermal and ocean current plants by partnering with governments, utility companies, developers and investors across North America, South America, Europe and South Africa.
Airtricity, Dr. O'Connor and Mr. Fintan Whelan's former company, is an international wind farm developer and operator and an integrated renewable electricity utility in the Republic of Ireland and the United Kingdom. Airtricity was sold in 2008 to Scottish and Southern Energy, Perth, Scotland, for Euro 1.8 billion.
Since its inception, Mainstream has:
- Actively engaged in development opportunities, onshore in Canada, the U.S., Chile, and South Africa as well as offshore in the U.K., Ireland & Germany.
- Established offices in Berlin, Chicago, Dublin, London, Santiago and Toronto.
- Raised Euro 72 million in equity, including EUR20 million from Barclays Capital for a 14.6% stake in the company.
- Raised a further Euro 26 million in Loan Notes through Dolmen Corporate Finance in December 2008.
- Signed a $1 billion joint venture to build a 400MW pipeline in Chile.
- Signed a CAD$840 million joint venture to build a 400MW pipeline in Canada.
- Announced a joint venture with South African wind farm developer, Genesis Eco-Energy, to build an initial pipeline of over 500MW of wind energy by 2014.
- Awarded the exclusive right to develop a 1.1 billion offshore wind farm in Scottish territorial waters, with a potential capacity of 420MW.
- Appointed Fintan Drury as chairman of its Board, which also comprises Sir Roy Gardner (U.K.), former head of Centrica, Chuck Watson (U.S.) of Eagle Energy Partners, Mark Brown (U.K.) of Barclays Capital, Brendan Halligan, chairman of Sustainable Energy Ireland and John Lavery of Lavery Kirby Gilmartin Solicitors.
- Assembled a team of almost 100 managers and staff, who have a combined experience of over 250 years in the renewable energy industry.
For more information, visit http://www.mainstreamrp.com/
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