- Published: 12 August 2008 12 August 2008
The Board of Mainstream Renewable Power has announced the successful closing of a € 40 million equity fundraising in which Barclays Capital have invested € 20 million for a 14.6% stake in the company.
The Board, management and staff of Mainstream, as well as close associates of the company have invested an additional € 20 million. Together with the initial seed capital of € 32 million, this brings the total equity raised to date to € 72 million. The company is planning a major fundraiser later this year, with Barclays Capital committing to invest a further substantial amount at that stage. As part of the deal, Mark Brown, Head of Barclays Capital Commodities Principal Investment team has been appointed to the Board of Mainstream. The company has raised this second round of finance to fund international development opportunities which have accelerated in recent months. The money raised both now and later this year, will be used to fund the company's ambitious international expansion plans across Europe, North and South America and Australia. The funds will also be used to secure the supply of turbines to be delivered in 2009, 2010 and 2011.