May 3, 2016 / 6:00 AM / 3 years ago

Mainstream Renewable plans 100 mln euro equity fundraising for expansion

LONDON, May 3 (Reuters) - Mainstream Renewable Power, a developer that builds wind and solar plants for clients such as IKEA, has appointed PJT Partners to raise at least 100 million euros ($114 million) through an equity sale, it said on Tuesday.

The green energy company, created in 2008 from the proceeds of the 2 billion euro sale of renewable energy firm Airtricity to utilities SSE and E.ON, wants to raise capital from one or more investors to finance its expansion in South America, Africa and southeast Asia, it said in a statement.

The company also announced a profit after tax of 96 million euros for 2015, the first time the company has made an annual profit. In 2014, it made a loss of 46.6 million euros.

Mainstream has largely wrapped up its involvement in renewable energy projects in Europe, where green subsidies are being reined in after huge growth, and is instead banking on developing markets to find new business.

$1 = 0.8735 euros Reporting by Karolin Schaps; Editing by Mark Potter

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