Mainstream establishes financing and investment arm Mainstream Renewable Capital

Global wind and solar developer Mainstream Renewable Power announces the launch of Mainstream Renewable Capital which will create custom-made opportunities for investors to gain exposure to Mainstream Renewable Power’s multi-gigawatt portfolio of wind and solar projects. The company has appointed veteran energy banker and investor James P. McGinnis as CEO to lead the new financing and investments arm.

Through its parent company Mainstream Renewable Power, Mainstream Renewable Capital has access to a unique, rapidly growing, global portfolio of high quality, wind and solar generation projects at different stages, from financial close to in-development and fully operational. This 9GW portfolio spans a range of different technologies, geographies and time-lines, giving investors rich possibilities to find the investment opportunity that best suits their risk appetite and term preferences.

Mainstream Renewable Power’s Chief Executive, Eddie O’Connor said: “I am delighted to welcome Jim on board at this very exciting point in Mainstream’s growth trajectory. Forming our own financing and investment arm has been in the planning for some time now. Given our recent major government tender win in Chile and our new agreement with GE in Vietnam, now is the optimum time to get this off the ground. Over the next five years we have very substantial capital funding requirements to support our build-out programme and significant opportunities for the creation of new investment vehicles for dedicated renewable energy investors.”

Newly appointed CEO of Mainstream Renewable Capital, Jim McGinnis says: “The exceptional team in place at Mainstream Renewable Power has earned their reputation as relentlessly innovative, top-tier renewable energy developers, producing fundamentally sound, cash-flow generating assets with long-term power purchase agreements (PPAs). The parent Mainstream Renewable Power’s unparalleled experience and technical know-how positions the newly formed Mainstream Renewable Capital well for identifying financial tools to support and enhance the next chapter of Mainstream Renewable Power’s continued growth in the environmentally responsible renewable energy sector.

Mr. McGinnis adds, “There is a vacuum in the market, with sophisticated investors increasingly looking for responsibly structured exposure to the renewable energy market.  We will seek to satisfy some of this unfulfilled demand with the kind of bespoke opportunities we will be offering across a diverse fleet of developing and operating renewable power generation assets. I look forward to playing a key part in the company’s growth trajectory at this exciting time.”

Mr. McGinnis has over 25 years’ investment banking and portfolio management experience in the energy sector globally and held ascending leadership positions at Goldman Sachs and Morgan Stanley for more than 15 years. Since 2005, Jim has held a number of senior positions in fund and portfolio management, focused on the energy and power sectors, with AIG, Harbinger Capital Partners and Halcyon Asset Management. He is a graduate of Harvard College and Harvard Business School and he was elected a member of the Board of the Center for Climate and Energy Solutions, which he served for nine years.

Mainstream has recently announced its plan to build two gigawatts of wind generation plants across Chile and Vietnam which is in addition to its existing construction roll-out in South Africa and Chile. Due to the high growth in emerging markets, Mainstream is also actively pursuing development opportunities in South East Asia, Latin America and Africa, having recently opened development offices in Mexico City and Manila.

According to Bloomberg New Energy Finance’s New Energy Outlook, wind and solar will contribute to 64% of the 8.6TW of new power generating capacity added globally over the next 25 years.