[ exact phrase in "" • ~10 sec • results by date ]

[ Google-powered • results by relevance ]


LOCATION/TYPE

News Home
Archive
RSS

Subscribe to RSS feed

Add NWW headlines to your site (click here)

Sign up for daily updates

Keep Wind Watch online and independent!

Donate $10

Donate $5

Selected Documents

All Documents

Research Links

Alerts

Press Releases

FAQs

Publications & Products

Photos & Graphics

Videos

Allied Groups

Mainstream sells 25% stake for €100m investment; Wind energy company to use cash to fund development  

Credit:  The Irish Times | Mon, Aug 5, 2013 | www.irishtimes.com ~~

The Japanese trading house Marubeni has agreed to pay €100 million for a 25 per cent stake in Mainstream Renewable Power, the wind energy company controlled by Airtricity founder Eddie O’Connor.

The transaction is one of the biggest equity investments in an independent renewables company in recent times. It is the biggest single investment yet for five-year-old Mainstream, which is developing more than 40 wind and solar parks worldwide.

“This means everything to us, really,” Mr O’Connor told The Irish Times last night. “I have been talking to Marubeni since my Airtricity days. We now have one of the biggest energy investors in the world on board.”

Several years
Mr O’Connor said the cash would be used to develop the company and that existing investors would not be taking any of it off the table. “This money is 100 per cent for use by the company for growth. It will be several years before we pay a dividend, and I’m not sure if we ever will.”

The deal has yet to be approved by MRP investors. Mr O’Connor said he expected the deal to close this month.

Mr O’Connor built the company from the proceeds of the sale of Airtricity to Eon and Scottish and Southern Energy for €1.8 billion in 2008.

Marubeni is a substantial presence in the global energy industry, with large oil and gas interests, but is increasing its renewable energy investments, notably in the offshore wind sector. It teamed up with a government fund to snap up a British offshore turbine installation company, Seajacks, for $850 million last year.

Floating turbines
It also has a stake in a British offshore wind farm off the coast of Essex and is part of a Japanese consortium that is testing floating wind turbines, a technology the wind industry hopes will drive big cost savings and efficiency improvements in coming years.

“We think the offshore wind market is expanding all over the world,” said Hiroshi Tachigami, president of Marubeni’s London-based subsidiary, Marubeni Europower.

Mr O’Connor said the deal would help accelerate Mainstream’s projects in Europe, Chile and South Africa, one of the brighter spots in a global renewable sector that suffered its sharpest annual fall in at least eight years in 2012, according to Bloomberg New Energy Finance research.

One of its more eye-catching European projects is a plan to build an “energy bridge” to export up to 5,000mw of electricity to Britain from wind farms in Ireland – on land and at sea – by 2017. – (Additional reporting: The Financial Times)

Source:  The Irish Times | Mon, Aug 5, 2013 | www.irishtimes.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

Wind Watch relies entirely
on User Funding
Donate $5 PayPal Donate

Share:


News Watch Home

Get the Facts Follow Wind Watch on Twitter

Wind Watch on Facebook

Share

CONTACT DONATE PRIVACY ABOUT SEARCH
© National Wind Watch, Inc.
Use of copyrighted material adheres to Fair Use.
"Wind Watch" is a registered trademark.
Share

 Follow: