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
