Mainstream back in the black, seeking to raise €100m

Mainstream Renewable Power (MRP), the wind energy company established by the Airtricity founder Eddie O'Connor, bounced back in profit in 2015 as it announced plans to raise €100 million to fund expansion.

The company reported a profit after tax of €96 million last year versus a €46.6 million loss in 2014.

MRP said debt restructured and corporate borrowings fell from €118.6 million to €59.3 million over the 12 months under review.

The group, which said it is aiming to have a record 1,000 MW under construction in the current financial year, said it is in the process of raising at least €100 million from one or more investors to suport its expansion in South America, Africa and South East Asia.

“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,” said Mr O’Connor.

“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,” he added.

As part of its strategy to exit the offshore market, the group sold its Hornsea 1 project early last year for £82.98 million.

MRP also received €28 million after transferring its three latest South African Projects to the Lekela Power joint venture with Actis.

The group’s Aela joint venture in Chile meanwhile was awarded contracts last year to build two wind projects witha combined generation of 300MW.

Mr O’Connor set up MRP in 2008, after he sold Airtricity to Scottish & Southern Energy for about €1.4 billion.