Mainstream 'bucks trend' with finance deals to fund pipeline

Irish developer Mainstream Renewable Power (MRP) revealed it has raised €40m ($50.6m) in loan notes and is finalising another €13m in equity finance, as it prepares to build-out its massive international project pipeline.

The money will come from “Irish high net worth individuals and institutions” in both cases, representing one of the largest rounds of private fundraising in the struggling Irish economy over the past year.

MRP says it expects another €50m or so to come from institutional investors, though no timeline was given for the next round of investment. All told, the Dublin-based company expects to raise €100m in new capital that will “fully fund the current business plan”.

“Despite economic conditions Mainstream is bucking the trend,” says chief executive Eddie O’Connor. “We have aggressive…

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