Mainstream books record profit after Scottish offshore wind sale

Offshore wind turbines. Source: LICengineering (www.liceng.dk).

May 21 (Renewables Now) - Mainstream Renewable Power has turned to a record profit of EUR 487.5 million (USD 543m) in 2018 against a loss of EUR 5.5 million a year back following the sale of a Scottish offshore wind project.

The record bottom line was booked after Mainstream sold the 450-MW Neart na Gaoithe project in Scotland to EDF Renewables.

The Ireland-based wind and solar projects developer said in a statement that during the 12-month period it repaid all corporate debt and secured a EUR-90-million trade facility with DNB Bank ASA and HSBC Bank Plc that is extendable to EUR 200 million.

The company is now on track to raise a further EUR 700 million-800 million of project finance in 2019. Mainstream counted over 10.5 GW of new projects in development, 707 MW under construction and 804 MW delivered into operation.

“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 3.45 GW of offshore wind,” commented Andy Kinsella, Mainstream’s Group CEO.

In Latin America, Mainstream is looking to deliver the 1.3-GW Andes Renovables platform into commercial operation in the period 2021-2022, while in Chile in particular, its joint venture with Actis is building the Sarco and Aurora projects totalling 299 MW.

Another notable project is the 800-MW Phu Cuong Soc Trang offshore wind scheme in Vietnam, developed in partnership with the Phu Cuong Group. Financial close for this project’s first phase is expected to be achieved next year.

(EUR 1.0 = USD 1.114)

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