Mainstream swings to profit of EUR 96m in 2015, to raise capital

Ireland's Mainstream Renewable Power today announced audited results for 2015, showing an after-tax profit of EUR 96 million (USD 110.7m) versus a loss of EUR 46.6 million in 2014.

The wind and solar developer also said it was in the process of raising at least EUR 100 million of capital from one or more investors to back its expansion in emerging markets, more specifically South America, Africa and South East Asia.

The company said its improved 2015 results reflected its new business plan to concentrate on 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," said chief executive Eddie O'Connor.

In early 2015, the company sold its Hornsea 1 project for GBP 82.9 million (USD 121.6m/EUR 105.5m) as part of a strategy to exit the offshore market. It also received a cash inflow of EUR 28 million from the transfer of its three latest projects in South Africa, which are under construction and total 360 MW, to its Lekela Power joint venture with Actis. The developer's Aela joint venture in Chile, meanwhile, won contracts to build and operate two wind projects totalling 300 MW.

Mainstream said it had a target of having a record 1,000 MW under construction this year.

(EUR 1.0 = USD 1.153)

(GBP 1.0 = USD 1.467/EUR 1.272)

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