The board of Dublin, Ireland-based Mainstream Renewable Power has announced the successful closing of a 40 million euro equity fundraising in which Barclays Capital has invested 20 million for a 14.6% stake in the company. The board, management and staff of Mainstream have invested an additional 20 million euros. Together, with the initial seed capital of 32 million euros, this brings the total equity raised to date to 72 million euros.
The company is planning a major fundraiser later this year, with Barclays Capital committing to invest a further amount at that stage. As part of the deal, Mark Brown, head of Barclays capital commodities principal investment team, has been appointed to the board of Mainstream.
The money raised will be used to fund the company's international expansion plans across Europe, North and South America, and Australia. The company is at advanced stages in the negotiation of large-scale projects in the U.S. The funds will also be used to secure the supply of turbines to be delivered in 2009, 2010 and 2011.
‘Barclays Capital's standing in this sector means that the investment marks a strong endorsement of our plans to deliver significant value to our shareholders over the coming years,’ says Fintan Drury, Mainstream's chairman.
SOURCE: Mainstream Renewable Power