June 15th, 2009
From Green Right Now Reports
Mainstream Renewable Power, the global renewable energy company based in Dublin, today announced its first U.S. investment, purchasing a portfolio of wind farm projects in Illinois with the potential to generate 787 megawatts — enough energy to power 200,000 homes — by 2013. All of the wind projects are located within 100 miles of Chicago.
The company said it acquired the assets from local wind farm developers Bruce and Joyce Papiech of FPC Services for an undisclosed price. The portfolio comprises three separate projects at various stages of development and will require an investment of more than $1.69 billion over a four-year period to fully develop.
The 120 megawatt Shady Oaks project in Lee County, Illinois, is scheduled to begin construction next year. When finished in 2010, it will generate enough green electricity to power about 30,000 homes, the Mainstream said. During the construction phase, the Lee County project is expected to employ about 120 people and it will provide ongoing employment for approximately 12 people operating the wind farm.
The other two projects are the 467 megawatt Green River project, also in Lee County, expected to begin construction by the end of 2010, and a 200 megawatt project in Boone County.
“The U.S. market is of strategic importance to Mainstream, and the scale of the opportunity is strongly reflected in President Obama’s economic stimulus package, which includes $56 billion in grants and tax breaks for U.S. clean energy projects over the next 10 years and a budget of $15 billion a year to fund renewable energy programs,” Dr. Eddie O’Connor, co-founder and CEO of Mainstream, said in a statement. “The Administration’s goal of generating 25 percent of the nation’s electricity from renewable energy sources by 2025 will help revitalize the U.S. economy and protect consumers.
Mainstream 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., an asset-based, integrated energy provider. Watson founded NGC Corp., Dynegy’s predecessor, in 1985 and served as chairman and CEO until May of 2002.
The Illinois projects are Mainstream’s second North American transaction in three months. The company entered a joint venture with Canadian wind farm developer Alberta Wind Energy Corporation to build an initial portfolio of over 400 megawatts of wind energy plants in Alberta by 2013.
