Irish renewables company Mainstream Renewable Power has bought three US wind farms in a bid to invest in America’s growing renewables industry.
The three Illinois wind farms, within 100 miles of Chicago, were acquired by the Dublin-based company which plans to invest $1.69bn over four years to develop the wind farms it purchased for an undisclosed price from FPC Services’ Bruce and Joyce Papiech, writes the Chicago Tribune.
“The US market is of strategic importance to Mainstream, and the scale of the opportunity is strongly reflected in President Obama’s economic stimulus package, which includes $56bn in grants and tax breaks for US clean energy projects over the next ten years and a budget of $15bn a year to fund renewable energy programmes,” Mainstream CEO Eddie O’Connor said.
The farms have the potential to generate 787MW by 2013. The most advanced is the 120MW Shady Oaks project in Lee County which is expected to generate enough electricity to power about 30,000 homes in 2010, Mainstream said.