The Global View

Barclays banks on €20m Marine Renewable Power investment

Remember the heady days of June 2008? Things are so different, you know? Life was simpler. People knew their neighbours and they weren’t afraid to leave their doors open. And that Marine Renewable Power, the renewables company set up by Eddie O Connor, the brains behind Airtricity, was just a wee pup.

Oh yes, back in June, Marine Renewable Energy wanted €200 million in funding to get expansion under way.

Looks like O’Connor is on his way to that magic number. The scamp has just announced a €20 million investment from Barclays Capital for 14.6 percent of the business, with the board, management and staff have dropped in another €20 million from their own pockets.

Running total of investment so far: €72 million.

More from the company on what it plans to do with the money:

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. In June, Mainstream announced its plans to build an initial pipeline of 240MW of projects in Chile with its partner Andes Energy. The company is at advanced stages in the negotiation of large-scale projects in the US. The funds will also be used to secure the supply of turbines to be delivered in 2009, 2010 and 2011.