Mainstream Renewable Power has closed a €40 million equity fundraising, in which Barclays Capital has invested €20 million for a 14.6 percent stake in the company.

The Board, management and staff of Mainstream, as well as close associates of the company have invested an additional €20 million.

Together with the initial seed capital of €32 million, this brings the total equity raised to date to €72 million. The company is focusing on the development and operation of wind farms, solar, thermal and ocean stream projects.

According to the renewable energy company, there are plans in store for a major fundraiser later this year, with Barclays Capital committing to invest a further substantial amount at that stage.

Mainstream's Chairman, Fintan Drury said the company's plan is to go to investors with a series of commercial opportunities later this year and to raise enough equity to develop them.

As part of the deal, Mark Brown, Head of Barclays Capital Commodities Principal Investment team has been appointed to the Board of Mainstream. The company has raised this second round of finance to fund international development opportunities.

The funds will be used to fund the company's international expansion plans across Europe, North and South America and Australia.

Mainstream has appointed Dolmen Corporate Finance in Dublin to lead its next fundraising, with NCB appointed as Joint Corporate Finance Advisor & Placement Agent.