Mainstream Renewable Power Monday announced the acquisition of a portfolio of wind farm projects in the State of Illinois with a potential capacity of 787 megawatts (MW).
The company has acquired the assets from local wind farm developer FPC Services, in a deal which involves a capital investment of more than $1.69 billion over a four year period, according to a release.
The portfolio comprises three separate projects at various stages of development; the most advanced is the 120-MW Shady Oaks project, located in Lee County, Illinois which is due to commence construction next year. When completed in 2010, it will generate enough electricity to power about 30,000 homes.
The 467-MW Green River project, also located in Lee County, is a mid-stage development project, with a grid interconnection position already located in the project area, and it is expected to be construction-ready by the end of 2010.
The 200-MW Boone County project is at earlier development stages.
The Illinois projects are Mainstream’s second North American
transaction in three months, having announced the signing of a CAD$840
million joint venture deal with Canadian wind farm developer, Alberta
Wind Energy Corporation (AWEC) to build an initial portfolio of over
400MW of wind energy plants in Alberta by 2013. The Company has also
announced plans to build a project in Chile in the forthcoming months.
Mainstream Renewable Power is a company started by Airtricity founder Eddie O’Connor.
The company established its U.S. office in Chicago in 2008 and last December appointed Chuck Watson as Non-Executive Director to lead its U.S. advisory board. Watson, co-founder and former chairman of Houston-based energy company Eagle Energy Partners, was formerly chairman and chief executive officer of Houston-based Dynegy Inc.
In August 2008, Barclays Capital, the investment banking arm of London’s Barclays (BARC.L) purchased a EUR 20 million stake in Mainstream Renewable Power.
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