Mainstream Renewable Power, based in Dublin, along with three associate partners, have secured a feasibility licence from the Australian government for a substantial offshore project off Victoria’s southeastern coast, capable of generating 2.5 gigawatts (GW). This multi-billion-euro venture comes as Aker Horizons, Mainstream’s Norwegian parent company, disclosed an ebitda (earnings before interest, tax, depreciation, and amortisation) loss of €8 million for Mainstream in the initial quarter. This is a significant upturn from the €43 million losses reported in the previous quarter and a €48 million deficit in the same phase last year, facilitated by cost reducing measures in response to the market difficulties Mainstream continues to face in Chile, their primary market.
Mainstream, established by the late green energy entrepreneur Eddie O’Connor in 2008, shares the consortium’s leadership in Australia, holding a 35 per cent share. Reventus Power, a UK-based company, has an equal stake, while AGL Energy and DIRECT Infrastructure retain the remainder.
Upon finalising the feasibility licence, a succession of comprehensive studies will begin, along with multiyear surveys on both offshore and onshore environments, pending approval processes. Consultation will also be held with indigenous Australians and community stakeholders.
The initial phase of the project is forecasted to be operational by 2032, providing a sizeable contribution to the Victorian Government’s offshore wind targets of a minimum of 2GW by 2032, and 4GW by 2035. Once fully functional, the project could cater to the energy needs of approximately 1.4 million Victorian households, equating to nearly 17 per cent of the state’s expected electricity demand in 2023, according to an official statement from the consortium.
Mainstream’s CEO, Mary Quaney, emphasised the company’s pioneering role in the global offshore wind industry, highlighting their contribution in the development of the world’s largest operational offshore wind project today, the 1.3GW Hornsea 2 off the coast of York. “Our presence in Australia since 2019 has allowed us to develop a 1.5GW portfolio of greenfield projects onshore and we’re thrilled to now include offshore wind to our future projects in this emerging market for renewable energy development,” she declared.
Mainstream has recorded roughly €870 million in depreciation charges against its Chilean assets since 2022 began, owing to a range of issues in that market. Nonetheless, the company successfully restructured in excess of €1.1 billion in debt in the South American nation in the previous year, providing a stable foundation for the business. A 58 percent stake in Mainstream is held by Aker Horizons. The legacy of Mr O’Connor and wealthy Irish individuals still claim 16.5 percent ownership, with Japan’s Mitsui in possession of the remaining shares.