Barclays Capital, the investment banking arm of London’s Barclays (BARC.L) has purchased a 20 million euros stake in Mainstream Renewable Power, a company started by Airtricity founder Eddie O’Connor, who reportedly has invested 30 million euros of his own money in an attempt to make the company a player in the renewable energy industry.
Barclays will own a 14.6% stake in the company, which is trying to raise 200 million euros to support wind, solar, thermal and ocean stream projects.
Mainstream received an additional 20 million euros from members of its board, management and staff, as well as other associates of the company, bringing the total round of funding to 40 million euros.
The funds will go towards procuring wind turbines for delivery in 2009, 2010 and 2011, the company said.
The company launched six months ago and has a deal to provide up to 240 megawatts (MW) of wind energy in Chile.
"Our plan is to go to investors with a series of commercial opportunities later this year and to raise enough equity to develop them."
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