Mainstream Renewable Power Reports Audited 2018 Financial Results

公開日 2019/05/22
Mainstream Renewable Power 
Mainstream Renewable Power today announces its audited results for the twelve-month period ended 31 December 2018 ("the period").

Highlights

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 450MW 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
- 707MW under construction
- 804MW 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

Latin America:

- 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 (299MW) as part of joint venture with Actis (Aela Energía) underway – commercial operations expected by H2 2019
- The 33MW Cuel Wind Farm has been in commercial operation for five years

Asia Pacific:

Partnership with the Phu Cuong Group set to deliver Asia's largest wind project – the 800MW 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 120MW

Offshore:

Mainstream has established its Offshore Centre of excellence in Edinburgh
Projects being actively pursued in the UK, India, Vietnam and the USA

Africa:

- Additional 408MW of projects under construction; 250MW of which Mainstream is building in South Africa and an additional 158MW under construction in Senegal
- The Lekela Power platform (a joint venture with Actis) has additional projects in Egypt (250MW with Power Purchase Agreement) and Ghana (150MW)

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."


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