- Published: 04 February 2009 04 February 2009
Mainstream Renewable Power has raised?€ 26 million?in?loan notes,?structured?and arranged by Dolmen Corporate Finance?and placed?by Dolmen Stockbrokers Ltd?..
These loan notes will be used to provide working?capital?for Mainstream's development programme of renewable energy projects, and complements the € 72 million in equity raised to date by the company.?The loan note pays a coupon of 12% per annum over a three year period and a portion of the loan note is convertible into?equity in Mainstream at the end of this period. The loan notes also provide Dolmen?clients?with?a preferred return and?security over?certain?Mainstream?assets.?This current round of funding is being invested, along with at least a matching amount of?Mainstream equity in the development and construction of wind energy projects around the world. Once fully developed, Mainstream?plans to?sell the projects to?infrastructure?funds and other long-term investors such as utilities and pension funds, but will continue to operate and maintain the plant on behalf of its owners. The proceeds of these asset sales?will?be recycled to finance the development of further projects in due course.