PEOPLE. PARTNERSHIP. PROGRESS.

Transcription

1 PEOPLE. PARTNERSHIP. PROGRESS.

2 WHAT WILL IT TAKE TO BUILD A SUSTAINABLE FUTURE? VISION, PASSION AND PARTNERSHIP. Sherra Zulerons, Development, Toronto.

3 WHO WE ARE / OUR MISSION AND VISION We know that we are facing one of the most crucial periods in the history of our planet. We know that a sustainable future is no longer a choice. It s an obligation. And we know it is the countries and companies who can meet this challenge with innovation and imagination that will lead the way forward. Our vision is of a future where economies can thrive, free from the restrictions of fossil fuels. And we have the passion, the expertise and the resources to help make that vision a reality. Our business is the development, construction and operation of wind, solar thermal and ocean current plants. But it is our approach that sets us apart. Our vision. Our passion. Our entrepreneurial spirit. And, most of all, our commitment to partnership. We work closely with governments, development partners and investors. And while every project is different, our goal is always the same. To deliver a successful business that accelerates global progress towards a sustainable future. Mainstream was founded in 2008 by Dr. Eddie O Connor and Fintan Whelan, the former CEO and Corporate Finance Manager of Airtricity. Since February 2008 Mainstream has: Set up offices in Berlin, Cape Town, Chicago, Dublin, London, Santiago and Toronto. Established its Board to include Chairman, Fintan Drury, Sir Roy Gardner, former Head of Centrica, Brendan Halligan of Sustainable Energy Ireland and Mark Brown of Barclays Capital. Appointed Chuck Watson, co-founder and former Chairman of Eagle Energy Partners to lead Mainstream s US Advisory Board ahead of major expansion plans in North America. Raised 98 million in equity and mezzanine finance which includes a 20 million equity investment by Barclays Capital. Signed a $1 billion joint venture deal to build 400MW of wind energy plants in Chile. Awarded the exclusive right to develop a 1.1 billion offshore wind farm in Scottish territorial waters, with a capacity of up to 420MW. Signed a CAD$840 million joint venture deal to build an initial portfolio of over 400MW of wind energy plants in Alberta, Canada by Announced the signing of a joint venture deal to build over 500MW of wind energy in South Africa by

4 DEVELOP. CONSTRUCT. OPERATE. OUR APPROACH IS SIMPLE. THINK GLOBALLY. ACT LOCALLY. Leila Mahomed-Weideman, Development, Cape Town. 2

5 HOW WE WORK / OUR BUSINESS MODEL We are engaged in delivering onshore and offshore projects across Europe, North America, South America and South Africa. Our partners range from governments to small landowners. They have policies to define, quotas to reach, projects to deliver or investors to satisfy. So they harness our expertise and our resources to accelerate progress towards their goals. On a global level, we can offer financial strength, economies of scale and development expertise. On a local level, we draw on our partners understanding of their own markets to create the most cost-effective and efficient project delivery strategy. Flexibility and delivery is at the heart of everything we do. So we can team up for a single phase of the process, or as a one-stop shop to bring a project from site selection to operation. And the key to our business model is that it is designed to align our partners interests with our own, right from the very start. The lifelong value of an asset is always foremost in our minds. Our endgame is to maximize potential and to share the upside with our partners. We generate three distinct revenue streams from our projects: Developer s profit from sale of asset. We sell all operating plant to an investment fund which owns the asset. O&M Revenue Stream. We continue to operate and maintain the plant for its lifecycle. Asset outperformance. Any upside achieved above the business case scenario (such as power output and availability) is shared between Mainstream and the asset owner. 3

6 IMAGINATION. EXPERTISE. 100% COMMITMENT. OUR POWER IS IN OUR PEOPLE. Elaine Quinlan, Human Resources, Dublin.

7 OUR PEOPLE We put people at the center of everything we do. And it shows. For us, leadership is key. And our Board of Directors are acknowledged leaders in their respective fi elds. We have drawn together experts from across the industry, establishing Centers of Excellence for key disciplines on four continents and basing one of the world s most experienced offshore teams in London. But we are more than just a collection of functions. We are a dynamic team united by a common passion; our belief in renewable energy. It s a belief that drives everything we do. As a company we are committed to playing a key role in creating a sustainable future. And as a team, we have the track record to prove it. Our people have previously delivered large-scale projects in challenging circumstances with vision, innovation and determination. The Mainstream team has over 250 years of experience in the renewable energy sector. Team members have helped to create over 15,000MW of development pipeline. They have been responsible for the construction of over 3,000MW of plant across three continents. They have previously raised more than 1billion in project and corporate debt for other entities. 5

8 WITH OVER 250 YEARS OF EXPERIENCE, WE, RE THE PEOPLE TO TALK TO. Cathryn Hooper, Offshore, London. 6

9 PROJECT DEVELOPMENT EXPERTISE The Mainstream team has played a key part in delivering literally hundreds of megawatts of renewable energy around the world. We understand what s involved in the complex development process, so we can quickly recognize the pitfalls as well as the potential. Then we put in place the most effective and efficient strategy to deliver a project to the construction phase. We shape our delivery approach around our partners needs. When they want us to deliver in areas where they are not well equipped, they look to us for the necessary development skills. These include site selection techniques, wind analysis, grid design, power purchase negotiation and turbine procurement. But when they want minimal involvement in the mechanics of a project, we re fully equipped to take it through to completion. Our team has been responsible for the creation of a 15,000MW development pipeline worldwide. Our Chief Development Officer played a key role in the development of the Arklow Bank offshore wind farm as well as the 500MW Greater Gabbard offshore wind farm. Other team members were involved on the Greater Gabbard project in areas including project management, site selection, permitting, grid connection, commercial management and project financing. Our in-house Energy Analysis team has extensive experience of raw wind data from sites across Europe, China and the US. Team members have designed grid connection infrastructure for onshore and offshore wind farms ranging in size from 24MW to 500MW and connected the first Irish wind farm into the transmission system. Our people have developed nearly 2,000MW of offshore wind projects. Team members played key roles in the development of the supergrid concept. 7

10 ON TIME. ON PLAN. ON BUDGET. BUT WHAT, S REALLY ON OUR MINDS IS MAXIMIZING THE POTENTIAL OF THE ASSET. Steven Xuereb, Development, Toronto. 8

11 ASSET MANAGEMENT, CONSTRUCTION AND OPERATIONS EXPERTISE Right from the very start of a project, we bring our Asset Delivery and Asset Operations together to ensure we get the best from each plant. Safety and performance are key at every step along the way. We focus on each stage of the asset s life-cycle. From design, all the way through to installation, operations and repowering. Our Asset Delivery team handles the construction phase. They bring world-class project management skills to the table. And their expertise is underpinned by best in-class processes, systems and procedures. Their aim is to deliver a quality and operationally-effective plant safely, on time and on budget. Once the plant is operational, our Asset Operations team takes over its day-to-day management. They have unrivalled expertise in safety, health, operations, maintenance and energy sales. And their number one priority is the day-to-day management of a plant that not only delivers but exceeds its operational objectives. Our in-house expertise includes: Safety and Health. Integrated engineering/commercial decision-making. Risk management. Contract management. Project management. Plant operations. Performance optimization. Maintenance management. Contractor management. Outage management. Materials management. Energy trading. 9

12 YOU KNOW YOU, RE DOING IT RIGHT WHEN THE TURBINE SUPPLIERS COME ON BOARD. Barry Lynch, Procurement, Dublin. 10

13 ACCESS TO WIND TURBINES The drive towards sustainable energy has created unprecedented demand for wind turbines. Suppliers have never been more discerning. They can now pick and choose their partners. And, understandably, they prefer to engage with strategic players like Mainstream. We check all their boxes. We have long-term growth projections over multiple jurisdictions. Our people have a proven track record in project delivery. And we have the financial resilience to fund significant up-front payments. The result is that we can offer our partners the benefit of strong, stable relationships with the senior management of the world s leading turbine suppliers. And firm offers of turbines in 2009, 2010 and FIRM OFFERS OF TURBINES IN 2009, 2010 AND

14 WHEN YOU NEED TO RAISE CAPITAL, IT HELPS TO KNOW ALL THE RIGHT PEOPLE. Manus O Donnell, Corporate Finance, Dublin. 12

15 FINANCIAL STRENGTH In a fast-growing sector like ours, the ability to structure deals and raise capital is critical. So it has been a key priority for us to bring together an exceptional Corporate Finance team. Our people have previously raised over 1 billion in project and corporate debt for other players in the renewables sector. They have enduring relationships with key financial institutions and have worked with them to finance large-scale projects both on and offshore. They have a proven ability to analyze, structure and negotiate mutually beneficial arrangements in the industry. So they are perfectly positioned to deliver real value to shareholders, financial partners and development partners. Fundraising. The story so far. Mainstream Renewable Power was established in February 2008 with a seed capital of 32 million, the majority of which was invested by co-founders Eddie Connor, Chief Executive and Fintan Whelan, Corporate Finance Director. In August we announced the successful closing of a 40 million equity fundraising. Barclays Capital invested 20 million and the Board, management and staff of Mainstream, as well as close associates of the company invested 20 million. In January 2009, we successfully raised 26m in loan notes, structured and arranged by Dolmen Corporate Finance. 13

16 WE DON, T FEEL LIKE EMPLOYEES. WE FEEL LIKE PIONEERS. Juan Guillermo Walker, Development, Santiago. 14

17 ENTREPRENEURIAL APPROACH Our ambition has always been to create a company that looks, feels, thinks and acts differently. We foster a pioneering approach and a can-do attitude that sets us apart. Our entrepreneurial spirit creates competitive advantage for us and for our partners. It means that we can deliver innovative solutions. Our people find ways of doing things that would never occur to others. And it means that we can act quickly and confidently. We make decisions in days not weeks. With speed and imagination we can rise to the most complex challenges. Eddie O Connor s vision for a pan-european offshore supergrid has gained widespread acceptance and support from European governments. We re now working on plans to develop the first stage of our vision which is called Supernode. We ve invested in the Dutch company 2-B, which is designing a new generation of offshore wind turbine. 15

18 WE BUILD MORE THAN PROJECTS. WE BUILD LONG-TERM RELATIONSHIPS. Tilman Schwencke, Offshore, Berlin. 16

19 PARTNERSHIP CULTURE Ours is an international business. So we bring big-picture thinking, world-class skills and financial expertise to our partnerships. But all development work is local. So we strongly believe in a local presence. We don t partner with organizations, we partner with the people who work for them. We work with them, on the ground, taking on board their insights into national and regional markets. Our people have previously collaborated with hundreds of partners to deliver successful renewable energy projects. We have had the pleasure of working with huge multinationals and with small-scale landowners. And our goal is always the same. To minimize risk, maximize gains and accelerate the pace of progress. 17

20 WE HAVE PEOPLE ON FOUR CONTINENTS AND OFFICES IN SEVEN COUNTRIES. BUT WHEREVER WE ARE, WE ALL SHARE THE SAME VALUES. Robert Bellingham, Finance, Chicago. 18

21 OUR VALUES WE PUT SAFETY FIRST. WE RESPECT EVERYBODY WE WORK WITH. WE WORK AS A TEAM WITH OUR PEOPLE AND OUR PARTNERS. OUR ENTREPRENEURIAL APPROACH FINDS THE SOLUTIONS OTHERS CAN, T SEE. SUSTAINABILITY DRIVES EVERYTHING WE DO. 19

22 BOARD OF DIRECTORS 1. Eddie O Connor, Founder and Chief Executive Dr. Eddie O Connor was named world energy policy leader by Scientifi c American magazine in He was the founder and Chief Executive of Airtricity from 1997 to January Airtricity moved to a leading global position in renewable energy between 2000 and In addition, Eddie O Connor brought forward the concept of the European Offshore supergrid. This vision and activity will, when built, guarantee European energy self suffi ciency as well as producing carbon free electricity Fintan Drury, Chairman Fintan Drury was appointed Chairman of Mainstream Renewable Power in February He also holds the position of Chairman of sports event management company, PLATINUM ONE Ltd and Web Reservations Limited. Fintan was Chairman of Paddy Power plc for six years and remains a Non-Executive Director of the company. He is a former Chairman of Ireland s national broadcaster, RTÉ and a former Board Director of Anglo Irish Bank Sir Roy Gardner, Non-Executive Director Sir Roy Gardner was appointed to the Board of Mainstream Renewable Power in June He was appointed as a Director of Willis Group Holdings Limited in April 2006 and as a Senior Advisor at Credit Suisse in July Prior to these appointments he was Chief Executive of Centrica plc. 4. Brendan Halligan, Non-Executive Director Brendan founded the Institute of European Affairs, an independent think tank of which he is currently the Chairman. In 2007, he was appointed Chairman of the Sustainable Energy Authority of Ireland, a state agency which is charged with promoting the production and use of sustainable energy in Ireland and reducing Greenhouse Gas emissions. He has acted as a public affairs consultant to Irish and multi-national fi rms for the past twenty fi ve years. 5. John Lavery, Non-Executive Director John Lavery has 26 years experience in the legal business having qualifi ed as a solicitor in He set up his own practice and is now the Chairman of Lavery Kirby Gilmartin, a medium sized practice specializing in company, property and commercial law. He was a co-founder of Airtricity with Eddie O Connor and was its Company Secretary from incorporation until February Mark Brown, Non-Executive Director Mark Brown was appointed to the Board of Mainstream Renewable Power in August 2008 and is a Managing Director within the Commodities Principal Investments business at Barclays Capital. Based in London, he is responsible for making equity investments in businesses such as renewables Chuck Watson, Non-Executive Director Chuck Watson is co-founder and former Chairman of Eagle Energy Partners. Chuck was the Chairman and Chief Executive Offi cer of Houston-based Dynegy Inc., an asset based, integrated energy provider. He founded NGC Corp., Dynegy s predecessor, in 1985 and served as Chairman and CEO until May He is also Chairman of Wincrest Ventures, a venture capital company he founded in In 2001, Chuck was inducted into the Texas Business Hall of Fame and was named Master Entrepreneur by Ernst & Young. In 2005, Chuck was named Chairman of the Sigma Chi Foundation. 8. Fintan Whelan, Co-Founder and Corporate Finance Director Fintan spent eight years as Corporate Finance Manager for Airtricity, where right from the 8 fi rst project, he was involved in raising more than 1bn in project and corporate debt to fund the company s accelerating development and build programme. He was responsible for designing new structures for the company s evolving requirements and negotiated facilities in the banking and investor communities. 9. Torben Andersen, Chief Development Offi cer Torben is responsible for all development and acquisition activities in Europe, South Africa, North and South America. Torben has a track record as a developer and a dealmaker in Airtricity where he worked for six years prior to joining Mainstream. He was responsible for securing a portfolio of 2,000MW of offshore wind projects in Europe as well as responsibility for onshore development activities for a time in Ireland and Northern Ireland. The Greater Gabbard Offshore Wind Farm (500MW) located in the UK, was secured and consented under Torben s management. 10. Andy Kinsella, Chief of Construction and Plant Operations Andy has over 23 years experience in the global electricity sector in senior management positions with ESB, ESBI, Siemens and GE. Before taking up his current position he was a member of ESB Power Generation s Senior Management Team from which he resigned as Head of Strategy and Sustainability. Prior to this, Andy was an Executive Director of ESB International where he had operational responsibility for ESBI s global Engineering & Facility Management businesses. 11. Gavin Blake, Company Secretary Gavin Blake is a solicitor with Lavery Kirby Gilmartin Solicitors, Dublin having qualifi ed in Before becoming a solicitor he worked as a Financial Advisor. Gavin specializes in corporate law and commercial property law and has worked on several large projects in the renewable energy sector. He holds a BA in Economics and Politics from Trinity College Dublin. 20

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24 Berlin Mainstream Renewable Power Reinhardtstr. 18, D Berlin, Germany. Tel: +49 (0) info-germany@mainstreamrp.com Cape Town Mainstream Renewable Power PO Box 363 Newlands 7725 Cape Town, South Africa info-southafrica@mainstreamrp.com Chicago Mainstream Renewable Power 190 S. LaSalle, Suite 2040, Chicago, IL 60603, USA. Tel: info-us@mainstreamrp.com Dublin Mainstream Renewable Power 1st Floor, Cedarhurst Building, Arkle Road, Sandyford, Dublin 18, Ireland. Tel: +353 (0) info@mainstreamrp.com London Mainstream Renewable Power 25 Floral St, London, WC2E 9DS, United Kingdom. Tel: +44 (0) info-uk@mainstreamrp.com Santiago Mainstream Renewable Power Alonso de Córdova 5151, OF 1003, Las Condes, Santiago, Chile, Tel: info-chile@mainstreamrp.com Toronto Mainstream Renewable Power 125 Lakeshore Rd E, Suite 202 Mississauga ON, L5G 1E5, Canada. Tel: +1 (905) 278 7MRP (7677) info-canada@mainstreamrp.com LEARN MORE AT: THIS BROCHURE IS PRINTED ON RECYCLED PAPER