Mainstream CEO welcomes strong close to Q3

Speaking in Dublin, Mainstream Renewable Power CEO, Dr Eddie O’Connor, has welcomed a strong close to the third quarter across all the company’s markets.

“Over this quarter we have completed our 46MW Oldman 2 windfarm in Alberta for IKEA, obtained planning consent for our 450MW Neart na Gaoithe offshore windfarm in the UK, and are currently waiting the imminent financial close for 360MW of onshore wind capacity in South Africa in Round 3 of that country’s procurement programme. We have acquired our first project in Ghana, and secured planning consent for our 150MW Tchamma windfarm in northern Chile. This has all been achieved by a huge team effort across the company, and it is little surprise to me that last week we were recognised by our industry peers in South Africa as “Developer’s Developer” for 2014.

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“This has been against a backdrop of continued uncertainty in energy markets around the world. Traditional models of renewable energy development are being challenged by falling reference prices, continued subsidies for fossil fuels and a significant reduction in the cost of renewable energy plant, particularly solar PV. The successful energy companies of tomorrow are already adapting to these changes.

“As a result of all of that we announced this quarter that we are refocussing the business towards global customers, bringing our expertise to deliver renewable energy assets for companies and other organisations who want clean power. We will significantly reduce the cost of operations across the company as we change what we do to focus on this goal.

“As we continue to invest for growth we have terms agreed and are in advanced discussions for a new debt facility from a combined financial investor and retail investors, with oversubscribed levels of expressions of interest from existing retail investors to roll over into the new facility. Our current equity fundraising is also progressing well. I am confident that in 2015 we will deliver significant revenue for the business, including a very substantial amount following the consenting of the first phase of our  Hornsea offshore wind zone in the UK.