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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.

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.”

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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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