Mainstream Renewable Power: Audited 2018 Financial Results

DUBLIN, May 21, 2019 /PRNewswire/ -- 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").

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 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 998,340 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 (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

Asia Pacific:

• 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

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 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."

About Mainstream Renewable Power

Mainstream Renewable Power is the most experienced developer of utility-scale wind and solar power plants globally.

The company is focused on delivering a high-quality portfolio of more than 10.5 gigawatts of wind and solar assets across Latin America, Africa and Asia Pacific.

Globally, Mainstream has delivered more than 800 MW of wind and solar assets into commercial operation and is currently constructing a further 707 MW across Latin America and Africa.

In Chile, Mainstream wholly-owns 1.3 GW of fully contracted wind and solar projects which are on track to reach commercial operation starting in 2021.

Mainstream is a world leader in the development of offshore wind plants. It has successfully developed 4.5 GW of offshore wind projects in the UK from initial concept, through consenting and to the ready-to-build stage. This includes the world's largest offshore wind farm; the Hornsea 1 and Hornsea 2 projects which are currently being constructed in the UK.

Mainstream's Phu Cuong Soc Trang 800 MW offshore wind project is South East Asia's single largest renewable energy development, while the Company has also recently prequalified to tender for India's first offshore wind development, the Gujarat 1,000 MW offshore wind tender. The company also has two wind farms in development in the Philippines.

Mainstream has raised more than EUR1.8bn in project finance to date and employs 200 staff across four continents.

www.mainstreamrp.com

Contact:

Emmet Curley, Head of Communications & Positioning
Phone: +353-86-2411-690
Email: emmet.curley@mainstreamrp.com

Jack Holden, FTI Consulting
Phone: +44 (0)20-3727-1200
Email: jack.holden@fticonsulting.com