Mainstream Renewable Power Ltd. has signed a loan agreement for 60 million euros with Macquarie Group Ltd. to fuel the expansion of its wind and solar business units.
Under the terms of the transaction, Mainstream will receive an initial 40 million euros, with provisions for an additional 20 million euros at a future date. The transaction is subject to closing conditions and Mainstream shareholder approval.
In the current round of financing, Mainstream also raised 16.8 million euros from high-net-worth individuals to further develop its business including the Energy Bridge project, which will export 5 GW of wind power from Ireland to the U.K. beginning in 2017, according to the company.
Mainstream also notes that it will soon commence construction at the 46 MW Old Man wind farm, and the 33 MW Negrete Cuel Wind farm, located in Chile.
After winning three government tenders in South Africa last year, construction is also scheduled to start on a 138 MW wind farm and two 50 MW solar photovoltaic plants, the company notes.