A Dublin-based energy company which plans to build a wind farm in Scotland has secured a €100 million (£86.5m) deal from a Japanese trading firm.
Marubeni Corporation confirmed it would pay cash for a holding in Ireland’s Mainstream Renewable Power Ltd and take a 25% stake, becoming the second largest shareholder in the firm.
The Irish renewable company recently submitted an application to build a $1.4 billion (£0.91bn) wind farm with a capacity of 450MW off the Fife coast in Scotland – expected to power around 325,000 homes. It also received a grid connection from National Grid earlier this year for its Energy Bridge, which will see the firm build and export 5,000MW of wind energy from Ireland to the UK starting in 2018.
Eddie O’Connor, Mainstream Renewable Power’s Chief Executive said: “This investment is a game-changer for Mainstream allowing us to focus on accelerating our project portfolios across a range of markets as well as entering into new strategic jurisdictions which present strong value opportunities for our business.”
Mainstream, which was set up in 2008, claims it has developed more than 19,000MW of wind and solar projects in seven countries.