CFO Outlook: The Irish company that became a global renewable energy player, with Paul Corrigan, Mainstream Renewable Power

In 2008, Mainstream Renewable Power was born out of a belief that renewable energy would become a mainstream asset class. At the time, renewable power was not as popular or investable as it is today, but the company founders had a vision that it would soon become ‘front and centre’ to how we live our lives, and backed themselves accordingly. Today, Mainstream is valued at over 2bn, employs 500 staff, and it is eyeing a potential IPO. 

Central to this success story is Group CFO, Paul Corrigan. Having joined the company in 2008 in a corporate finance function, Corrigan succeeded in continually raising capital throughout a very challenging period when money was scarce and expensive. Moreover, Mainstream’s strategy of investing in emerging markets around the world ruled out many risk-averse investors. However, the company’s long-term play is now bearing fruit, attracting the attention of two major investors, Aker Horizons and Mitsui & Co, who between them now own over 80% of the business.   

In this episode of The EY CFO Outlook podcast, Mainstream Renewable Power Group CFO, Paul Corrigan, tells host Vincent Wall the remarkable story of how an Irish start-up scaled rapidly to become one of the world’s first pure-play renewable energy majors. They also discuss:  

• Eddie O’Connor’s original vision for the company, how he got his team and investors on board, and Paul’s admiration for O’Connor’s entrepreneurial drive.  
• Why the company has focussed on emerging markets and less-developed countries, and the advantages of that strategy. 
• The game-changing deal that put Mainstream in control of its own destiny. 
• How the company and Paul’s role have changed following investment from Aker Horizons and Mitsui & Co. 
• Becoming CFO in 2020, and negotiating major investments in the new role, fully remotely.  
• The factors and considerations around a potential IPO.