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Mainstream buys U.S. renewable energy projects

15 June 2009 — Mainstream Renewable Power bought three wind farm projects in Illinois with the potential to generate 787 MW by 2013, following a $1.7 billion investment.

The company 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, located within 100 miles of Chicago.

The most advanced is the 120 MW Shady Oaks project, which is due to commence construction next year and s expected to enter service in 2010.

The nearby 467 MW Green River project is a mid-stage development project, with a grid interconnection position already located. It is expected to be construction-ready by the end of 2010. A third project, the 200 MW Boone County wind farm, is in earlier development stages.

Mainstream established its U.S. office in Chicago in 2008 and last December appointed Chuck Watson, former CEO and chairman of Dynegy, as non-executive director to lead its U.S. advisory board.

The Illinois projects are Mainstream’s second North American transaction in three months, having announced the signing of a C$840 million ($743) joint venture with Canadian wind farm developer Alberta Wind Energy Corp. to build over 400 MW of wind energy plants in Alberta by 2013.