Mainstream agrees €60m funding facility with Macquarie

Developer looks to press ahead with offshore project pipeline

Mainstream Renewable Power has signed its largest ever corporate debt facility with Australian infrastructure investor Macquarie.

The developer will receive an initial €40m corporate-level facility, with provision for a further €20m loan from Macquarie. It has also raised €16.8m from High Net Worth Individuals and is looking to take in additional equity to spearhead its development plans.

Mainstream has a significant European offshore wind development pipeline. In July, it submitted a planning application for Neart na Gaoithe to Marine Scotland. The 450MW project would be sited 15km off Fife, on Scotland's east coast. It is hoped construction will commence in 2015 and the development will come on stream at the end of 2016. Mainstream hopes to achieve financial close for the project by the end of next year.

Mainstream is also progressing plans for further large-scale offshore wind farms in English and German waters. It has a 50% stake in the Smart Wind joint venture, which plans to develop 4GW of capacity in the Hornsea zone, off the coast of Yorkshire. Siemens is the other partner.

And in the German North Sea, Mainstream plans to develop up to 1.2GW of capacity. Horizont would be developed in phases, 140km from the shore, in waters around 40m deep. The initial tranche could come on stream around 2015.

The €60 million corporate debt facility agreed with Macquarie is Mainstream’s largest single tranche of capital at the corporate level. Barclays Capital invested €20m in the company, when it was established in 2008. The investment brings total equity and corporate debt raised by Mainstream since 2008 to over €265m.

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