- Mainstream Energy has acquired funding in an oversubscribed equity offering for utility-scale wind and solar projects.
- The funds will speed up the company’s new market expansion
Mainstream Renewable Power has obtained EUR 90 million (USD 101.4m) in an oversubscribed equity offering among its shareholders, the utility-scale wind and solar developer said on Monday.
Aker Horizons, the majority-owned renewables platform of Norway’s Aker, has kept its 75 per cent interest in Mainstream following the transaction.
The raised funds will help the company speed up its expansion by entering new markets and building gigawatt-scale wind and solar parks across Latin America, Africa and the Asia Pacific region. Mainstream’s growth plan involves the execution of projects such as the 1.37GW Andes Renovables platform in Chile, due to be completed between 2021 and 2023, and the 1.4GW Phu Cuong Soc Trang offshore wind project in Vietnam.
Last month, it won a preferred bidder status for 1.27GW of wind and solar projects in a South African tender.