Developer Mainstream Renewable Power has established a financing and investment arm to raise money for its 9GW pipeline of projects and future growth opportunities.
The new unit, Mainstream Renewable Capital, will have access to a global portfolio of wind and solar power projects at different stages, from financial close to in-development and fully operational.
It will create custom-made opportunities for investors to gain exposure to the projects, Mainstream said.
The developer has hired energy banker and investor James McGinnis as chief executive of the new unit. He has recently worked for AIG, Harbinger Capital Partners and Halcyon.
Mainstream is pursuing development opportunities in South-east Asia, Latin America and Africa.
“Forming our own financing and investment arm has been in the planning for some time now,” Mainstream Renewable Power chief executive Eddie O’Connor said. “Given our recent major government tender win in Chile and our new agreement with GE in Vietnam, now is the optimum time to get this off the ground.”
“Over the next five years, we have very substantial capital funding requirements to support our build-out programme and significant opportunities for the creation of new investment vehicles for dedicated renewable energy investors,” he said.
McGinnis said: “There is a vacuum in the market, with sophisticated investors increasingly looking for responsibly structured exposure to the renewable energy market.
“We will seek to satisfy some of this unfulfilled demand with the kind of bespoke opportunities we will be offering across a diverse fleet of developing and operating renewable power generation assets.”
Image: Mainstream
