Record profit in audited financial results for 2018
Mainstream Renewable Power (“Mainstream” or the “Company”), the leading global developer of wind and solar power plant, today announces its audited results for the twelve-month period ended 31 December 2018 (“the period”).
Financial – A transformative year for the Company
- Record profit of €487.5 million (2017: loss of €5.5 million) following the successful sale of the 450 MW Neart na Gaoithe wind farm project in Scotland to EDF Group
- All Corporate Debt repaid (€73 million)
- €90 million trade facility secured with DNB Bank ASA and HSBC Bank PLC which is extendable to €200 million, subject to agreement, offering the freedom to pursue large-scale development opportunities globally
- Mainstream on track to raise a further €700–€800 million of project finance in 2019
- Company back to its core equity ownership structure, privately owned by founder Eddie O’Connor, employees and a small retail investor base, following an institutional shareholder buyback in September 2018
Operational – Sustainably delivering more megawatts than any other independent developer
- More than 10.5 GW of new projects in development
- 707 MW under construction
- 804 MW delivered into operation
- Carbon Disclosure Project recognition: Awarded A- (Leadership)
- Avoided estimated net 996,447 metric tonnes of CO2 in 2017
- Expanded footprint to match global ambitions – new offices opened in Edinburgh, Colombia, Singapore and Australia
Outlook – Poised to become a Global Renewables Major
- Mainstream is extremely well-positioned to drive dramatic expansion and growth across its core Asia Pacific, Latin America and African markets, as well as the global offshore wind sector
- Already the largest renewable energy developer in Chile with a 100-strong Chilean team
- Focused on delivering the 1.3GW Andes Renovables platform into commercial operation between 2021 – 2022
- Construction of the Sarco and Aurora projects in Chile (299 MW) as part of joint venture with Actis (Aela Energía) underway – commercial operations expected by H2 2019
- The 33 MW Cuel Wind Farm has been in commercial operation for five years
- Partnership with the Phu Cuong Group set to deliver Asia’s largest wind project – the 800 MW Phu Cuong Soc Trang Offshore Wind Farm in Vietnam – first phase expected to reach financial close in 2020
- Memorandum of Understanding in place to deliver an additional 1 GW of solar in Vietnam, Cambodia and Laos
- Two wind farms in development in the Philippines with a combined capacity of 120 MW
- Mainstream has established its Offshore Centre of excellence in Edinburgh
- Projects being actively pursued in the UK, India, Vietnam and the USA
- Additional 408 MW of projects under construction; 250 MW of which Mainstream is building in South Africa and an additional 158 MW under construction in Senegal
- The Lekela Power platform (a joint venture with Actis) has additional projects in Egypt (250 MW with Power Purchase Agreement) and Ghana (150 MW)
Andy Kinsella, Mainstream’s Group Chief Executive, said: “Mainstream is positioned to become one of a new class of Renewable Energy Majors as the transfer of capital from fossil fuels to sustainable energy accelerates.
Following a transformative year in which we successfully completed the sale of our offshore wind farm in Scotland, we now have a robust balance sheet and are unrestricted in our ambitions to help growth economies develop through the delivery of renewable energy capacity.
We are ready to embark on a significant expansion in our core Asia Pacific, Latin America and African markets, as well as returning to the UK’s offshore wind sector where we have previously delivered 3.45GW of offshore wind.
The return to our core ownership structure means we are set to deliver material growth and returns for shareholders over the next decade.”