Equity growth capital raise currently underway
Mainstream Renewable Power, the global wind and solar developer, today announces its audited results for the twelve month period ended 31 December 2015 (“the period”).
Financial – financial turnaround reflects effective execution of business plan
- Profit after tax of €96.0 million in 2015 (compared to a loss of €46.6 million in 2014).
- Debt restructured and corporate borrowings reduced during the period from €118.6 million to €59.3 million.
Operational – substantial value being realised
- Mainstream aims to have a record 1,000MW under construction in the current financial year.
- In South Africa, the Group’s three latest projects, totalling 360MW, are under construction and have been transferred to the Lekela Power joint venture with Actis, triggering a cash inflow of €28 million.
- The Group’s Aela joint venture in Chile was awarded contracts to build and operate two wind projects with a combined generation of 300MW. Turbine contract with Senvion for both projects signed.
- As part of the strategy to exit the offshore market, the Group sold its Hornsea 1 project in Q1 2015 for total consideration of GBP82.9 million.
Outlook – building significant development pipeline and enhance capital structure, €100m fundraising process underway
- Mainstream is in the process of raising capital of at least €100 million from one or more investors to support its expansion across emerging markets (South America, Africa and South East Asia). PJT Partners has been mandated by Mainstream to lead the fundraising process.
- Aela Energia and Lekela platforms progressing strongly, building on successful track record.
- Activities expanded into Central America and Asia-Pacific with plans to develop portfolios of scale in both regions.
Eddie O’Connor, Chief Executive of Mainstream Renewable Power, commented:
“2015 was a landmark year of growth and progress for Mainstream. Following a review of our business activities in 2014, we implemented a business plan reflecting a renewed strategic focus; concentrating on the development of renewable energy platforms in growth markets.
“I am delighted to attribute the robust financial turnaround made in 2015 to the diligent implementation of our new business plan, which reflects the value realised from the recent sale of certain offshore assets, payments received following delivery of projects to the Lekela platform and reductions to our cost base.
“2016 has already seen us build on this momentum. We are currently planning a significant equity fundraise of at least €100 million to take advantage of the growth opportunities available to us and following the indication of a significant level of appetite to become part of the Mainstream growth story from third party institutional and strategic investors.”
Mainstream Renewable Power
Tel: +353 1 290 2027/