Clean energy tech startup Mainstream raises $101M in equity funding to build out of gigawatt-scale renewable assets and accelerate new market entries

Mainstream Renewable Power, a global wind and solar renewable energy startup company, announced today it has raised €90 million ($101.4 million) in additional funding to accelerate new market entries and the build-out of gigawatt-scale wind and solar assets across Latin America, Africa, and the Asia Pacific region.

Funds for the latest round came from Mainstream’s current shareholder base, including Aker Horizons, which maintained its 75% stake in the company. Mainstream will use the new capital infusion to accelerate growth, and extend its footprint and support its ambitions of building a global renewable energy major. The demand from Mainstream’s Irish investor base was strong, resulting in an oversubscribed transaction.

Founded in 2008 by Eddie Connor, the Dublin, Ireland-based Mainstream develops, manages construction activities, and delivers projects into commercial operation. The company also provides operations and maintenance through its subsidiary, Mainstream Asset Management South Africa (MAMSA).

In recent months, the company has secured several strategic wins including winning preferred bidder status of projects with a combined capacity of 1.27 GW in South Africa, launching the 1 GW Nazca Renovables platform in Chile, and securing an investment decision from the Provincial Government of Soc Trang relating to the 1.4 GW Phu Cuong Soc Trang offshore wind project in Vietnam.

Mainstream is also currently in the process of constructing the 1.37 GW Andes Renovables platform in Chile, on track to complete construction between 2021 and 2023.

In a statement, Mainstream CEO Mary Quaney said, “Today’s announcement of an additional €90 million of funding means that Mainstream can accelerate its role in tackling climate change across the globe. This funding will help us deliver on the major project milestones we’ve announced in recent months, across South Africa, Vietnam, and Chile, and strengthen our global growth trajectory as we continue to expand our presence in existing markets as well as enter new markets in the months ahead.”

Since its inception in 2008, Mainstream has delivered more than 6.5 GW of wind and solar assets to financial close-ready, and currently has 1.6 GW (net) in construction or operation across Latin America, Africa, and has established a presence in 13 countries.

Mainstream is a leading pure-play renewable energy company with a global footprint. The company is focused on expanding its high-quality pipeline of more than 16.2 gigawatts (GW) of wind and solar assets across Latin America, Africa, Asia Pacific as well as the global offshore wind sector. In May 2021, it closed an agreement for Aker Horizons to take a 75% equity stake in the company, enabling Mainstream to accelerate its global expansion plan.

In Chile, for example, Mainstream’s wholly-owned 1.37 GW Andes Renovables Platform of fully contracted wind and solar assets are on track to complete construction between 2021 and 2023. In South Africa, the company has delivered 850 MW of wind and solar assets into commercial operation, and in October 2021, twelve of its wind and solar projects, with a combined capacity of 1.27 GW (0.32 GW net) won preferred bidder status in Round 5 of South Africa’s Renewable Energy Procurement Programme. Through its Lekela Power joint venture, the company has 410 MW of wind assets in construction in Senegal and Egypt.