Mainstream Renewable Power, a global renewable energy company, has announced its first U.S. investment, purchasing a portfolio of wind farm projects in Illinois with the potential to generate 787 MW 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, and will require more than $1.69 billion over a four-year period to be developed fully.
‘Renewable energy has a huge role to play in reversing the economic downturn,’ says Eddie O'Connor, co-founder and CEO of Mainstream. ‘Countries need large-scale indigenous energy sources such as wind power to stabilize fuel prices, create jobs and reduce carbon emissions and reliance on imported fossil fuels.’
The most advanced project is the 120 MW Shady Oaks project in Lee County, Ill., which is due to commence construction next year. During the construction phase, the Lee County project is expected to employ about 120 people and to provide ongoing employment for approximately 12 people operating the wind farm.
The 467 MW Green River project, also located in Lee County, is a mid-stage development project, with a grid interconnection position already located in the project area, and it is expected to be construction-ready by the end of 2010. The 200 MW Boone County project is in earlier development stages.
Mainstream established its U.S. office in Chicago in 2008.
SOURCE: Mainstream Renewable Power