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November 30, 2021

Mainstream Renewable Power secures $102m to fuel global growth

The capital will be used to build gigawatt-scale projects in Africa, Latin America and the Asia-Pacific region.

By Umesh Ellichipuram

Ireland-based renewable energy company Mainstream Renewable Power has secured an additional €90m ($102m) in equity funding to expedite its global growth.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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The capital was raised from the company’s current shareholder base, including Norwegian investment firm Aker Horizons, which acquired a 75% stake in Mainstream Renewable Power earlier this year.

Following the latest fundraise, Aker Horizons will continue to hold its stake in the company.

Proceeds from the funding round will be used by the company to fast-track its expansion by entering new markets and building gigawatt-scale solar and wind projects in Africa, Latin America and the Asia-Pacific (APAC) region.

Mainstream Renewable Power CEO Mary Quaney said: “Today’s announcement of an additional €90m 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.”

The funding comes after Mainstream Renewable won preferred bidder status for projects with a combined capacity of 1.27GW in South Africa and launched the 1GW Nazca Renovables platform in Chile.

The company also secured 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 Renewable is currently building the 1.37GW Andes Renovables platform in Chile, which is due to be completed by 2023.

In June, the company agreed to acquire an 80% stake in Vietnam-based firm Technology and Development Joint Stock Company (D&T).

D&T is currently developing three solar projects in the Dak Nong province of central Vietnam, with a combined capacity of 405MW.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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