IRISH COMPANY Mainstream Renewable Power has announced an expansion into the US market in a $1.69 billion (€1.2 billion) deal.

The renewable energy company yesterday announced the acquisition of a portfolio of wind farm projects in the US state of Illinois. As part of the deal it will acquire three separate projects at various stages of development.

The most advanced is a 120MW project in Lee County, Illinois, which is due to commence construction next year. When completed in 2010, it is expected to generate enough energy to power 30,000 homes.

Construction on the second project is expected to begin by the end of 2010, while the third project is at an earlier stage. The combined energy capacity of the portfolio is 787MW.

Mainstream’s chief executive Eddie O’Connor said the US market was of “strategic importance” to Mainstream.

“The scale of the opportunity is enormous. Last month alone the US sent $18 billion overseas, importing 386 million barrels of oil, so they need a solution which can be deployed fast and at scale.”

Mr O’Connor said renewable energy had a role to play in reversing the economic downturn.

“Countries need large-scale indigenous energy sources such as wind power to stabilise fuel prices, create jobs, bring down carbon emissions and reduce reliance on imported fossil fuels.”

The deal involves a $1.69 billion capital investment over four years.

Yesterday’s acquisition is the company’s second North American deal in three months. In March it announced a joint venture with a Canadian wind farm developer to build wind energy plants in Alberta by 2013.

Mainstream Renewable Power was founded in February 2008 by Mr O’Connor, Airtricity’s founder and chief executive, and its corporate finance manager Fintan Whelan shortly after the sale of Airtricity to Scottish Southern Energy for €1 billion.