Mainstream Renewable Power has signed a $652m (£471m) joint-venture deal with Canadian wind-farm developer Alberta Wind Energy Corporation (AWEC) to build an initial portfolio of more than 400MW of wind-energy plants in Alberta by 2013.
The joint-venture company plans to have 46MW in operation in 2010 with an additional 62MW due for completion in 2012.
Under the terms of the agreement, Mainstream holds an 80 per cent share of the joint venture, with AWEC taking a 20 per cent stake.
Stewart Duncan, president and chief executive officer of AWEC, said: ‘Demand for electricity in the area is growing, while fossil fuel generating stations are nearing the end of their life and will require decommissioning or refurbishment. A recent forecast by Alberta’s Electric System Operator indicated that Alberta will need an additional 5,000MW of generation by 2017. Furthermore, southern Alberta has some of the best wind sites for power generation anywhere in onshore North America.’
Since February 2008, Mainstream has raised €98m (£91m) in equity and mezzanine finance, including a €20m equity investment from Barclays Capital and €26m in loan notes raised earlier this year.
Mainstream was founded in 2008 by Dr Eddie O’Connor and Fintan Whelan, the former chief executive officer and corporate finance manager of Airtricity.