Irish developer Mainstream Renewable Power booked profit of €488m last year, up from a loss of €5m in 2017, thanks to the sale of the 450MW Neart na Gaoithe offshore wind farm off Scotland to EDF.
According to Mainstream’s 2018 financial results the company has repaid all of its corporate debt of €73m and has set up a €90m trade facility, secured with DNB Bank and HSBC Bank.
The facility is extendable to €200m, subject to agreement, which would allow the developer to pursue large-scale development opportunities globally.
Mainstream said it is on track to raise a further €700–€800m of project finance in 2019.
Following an institutional shareholder buyback in September last year Mainstream is, again, privately owned by founder Eddie O’Connor, employees and a small retail investor base.
The developer has more than 10.5GW of new projects in development, 707MW under construction and 804MW delivered into operation.
New offices opened in Edinburgh, Colombia, Singapore and Australia are part of the company’s plans for global expansion.
Mainstream also recently announced the appointment of Cameron Smith as its UK offshore head, as the company focusses on the upcoming Crown Estate and Crown Estate Scotland tendering rounds.
Mainstream group chief executive Andy Kinsella said: “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.”