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Mainstream Renewable PowerOffshore Business
Introduction to Mainstream
An Introduction to Mainstream
● Founded in February 2008 by Eddie O’Connor (former Airtricity CEO) and Fintan Whelan (former Airtricity Head of Corporate Finance) ● Airtricity delivered 2,000 MW of onshore wind to construction and developed 16,000 MW
of onshore and offshore wind capacity● Pioneered offshore wind projects like Greater Gabbard, Arklow Banks and Butendiek● Sold to E.ON and Scottish & Southern for a total of €1.8bn in 2007/08
● Mainstream is focused on sourcing, developing and constructing large-scale electricity generation plants globally, principally offshore / onshore wind and solar projects
● The Company has secured c.16,000MW development pipeline, focused on● Offshore Wind: 5,650 MW ● North America Onshore Wind: 1,600MW● Emerging Markets Onshore Wind: 5,000MW
● Shareholders: Eddie O’Connor, staff/management, HNWI, Barclays Capital● Raised over €125m equity and €26 debt● 130+ employees
Overview of Mainstream’s Target Markets
Chile (onshore)Pipeline: 994MW
South Africa (onshore)Pipeline: 3,936MW
USA (onshore)Pipeline: 947MW
Germany (offshore)Horizont: 1,200MW
Scotland (offshore)Neart naGaoithe: 450MW
UK (offshore)Hornsea: 6,000MW
Canada (onshore)Pipeline: 725MW
Milestones Achieved to Date
Unique Source of Competitive Advantage
A ValuesDriven Culture
Differentiated Business Model
Record of DeliveringReal Value toShareholders
Positioned at the Cutting Edge
of Policy Formation
Companyand Investor
Interests are Aligned
Sale of Airtricity for total equity of €1.80bn, realizing
value of €1.36bn over invested shareholders
capital of €0.44bn
Management invested significant amount of equity capital
A culture built on an entrepreneurial approach, working together, personal respect, sustainability and
safety
Focus on development and create high value by building strong JV
partnerships with local developers
Industry foresight, thought leadership
and first mover advantage
Executive Directors
Dr. Eddie O’ConnorFounder and Chief ExecutiveExecutive Director
• Founder and former CEO of Airtricity• Previously CEO of Bord na Móna• Prior to Bord na Móna, engineer at ESB
Fintan WhelanCo-Founder and Corporate Finance DirectorExecutive Director
• Raised over €1.44bn in financing in his role as Corporate Finance Manager at Airtricity from 2000 to 2008
• Senior management positions at Prudential (Ireland) and consulted with Ernst & Young
Andy KinsellaCEO Offshore BusinessExecutive Director
• Held senior management positions at Siemens, GE, ESB and ESBI
• Managed construction of 4,000 MW and operation and maintenance of 5,000 MW of conventional power plant internationally
Torben AndersenCEO Onshore BusinessExecutive Director
• Secured a portfolio of 2,000 MW of offshore wind projects at Airtricity
• Brought the world’s then largest wind farm, Greater Gabbard through to “ready to build”
Experienced Board of Directors
Executive Directors Role at Mainstream
Dr. Eddie O’Connor •Founder and Chief Executive
Fintan Whelan •Co-Founder and Corporate Finance Director
Andy Kinsella •CEO Offshore Business
Torben Andersen •CEO Onshore Business
Non-Executive Directors Role at Mainstream
Sir Roy Gardner, Chairman •Director, Willis Group Holdings Limited•Senior Advisor, Credit Suisse•Former CEO, Centrica•Chairman, Compass Group plc
Chuck Watson •Chairman and Co-Founder, Twin Energy Resource Management•Former Chairman and Co-Founder, Eagle Energy Partners•Former Chairman and CEO of Dynegy Inc
Mark Brown •Managing Director, Barclays Capital Natural Resources Fund
John Lavery •Chairman, Lavery Kirby Gilmartin•Co-Founder of Airtricity
Brendan Halligan •Founder and Chairman, Institute of European Affairs•Chairman, Sustainable Energy Authority of Ireland
Combined industry experience across a number of energy companies
Experienced Board of Directors
9
Innovation
Supergrid
Offshore wind
1st grid connections
Twisted jacket foundation
500MW offshore power stations
Chinese technology to
west
10
Mainstream’s Offshore Business
Offshore Business Model
0 1 2 3 4 Yrs
Greenfield “Ready to Build”
MAINSTREAM GROUP
In Partnership with Project Buyer
Delivering well designed and “ready to build” offshore projects
Development & Design
Consent
Development & Consent
Conceptual Design, Detailed Design, Contracting
The Skills to Successfully Develop Offshore Wind Projects
Active engagement with all statutory and non-statutory
stakeholders
Procurement skills to ensure
cost efficient and innovative
projects
In-house expertise in engineering,
design, and wind analysis
Expertise in all aspects of
environmental assessment,
permits & consents
Application of highest standards
of Health & Safety
Skills and relationships to
deliver grid connections
The skills to develop sustainable low-cost offshore wind energy
10 Years of Unparalleled Experience
Hornsea (2010)• Only Round 3 Zone not awarded to utility• 1GW Grid Connection Secured• Aim to be 1st R3 project to reach COD
Horizont (2008)• 1,200MW German Project• Environmental & technical data submitted to Consenting Authority
Neart na Gaoithe(2008)• 450MW Grid Connection Secured• Most advanced Scottish offshore project
Arklow Bank (2002)• Ireland’s 1st offshore wind project•World’s 1st offshore wind project using 3MW machines
Butendiek (2007)• Detailed development work and securing supply chain
Greater Gabbard (2007)• Developed and consented one of the largest offshore wind farm in the world
25 MW
6,000 MW
1,200 MW
450 MW
288 MW
500 MW
Offshore Centre of Excellence
CEO OffshoreAndy Kinsella
German Offshore ManagerTilman Schwencke
COO OffshoreCameron Smith
Scotland Offshore ManagerDavid Sweenie
Offshore M&A ManagerBarry Hopkins
Accounting ManagerLaura Coyne
SHEQ ManagerKeith Harsham
Strategy ManagerCathryn Hooper
SMart Wind Board
Chair. Andy Kinsella
SMart Wind General Manager
Chris Hill
An experienced team to deliver offshore wind, headquartered in London
Offshore Advisory Committee
Committee Member Affiliations
Sir Roy Gardner •Director, Willis Group Holdings Limited•Senior Advisor, Credit Suisse•Former CEO, Centrica•Chairman, Compass Group plc
Herbert Henzler •Former European Chairman of McKinsey & Company •Senior Advisor to the Chairman of Credit Suisse•Chairman of the Scientific and Technical Advisory Committee of the Bavarian State Government
Vivienne Cox •Chairperson of Climate Change Capital•Board member of Rio Tinto plc and INSEAD•Former CEO and Executive Vice President of BP Alternative Energy
Sir Brian Bender •Former Permanent Secretary, Department for Business, Enterprise & Regulatory Reform in the UK•Former Permanent Secretary, Department for Environment, Food and Rural Affairs in the UK
Jeff Scott •Senior Manager at National Grid•Director, Senior Vice President of National Grid USA
Dr. Eddie O’Connor •Founder and Chief Executive
Andy Kinsella •CEO of Mainstream’s Offshore Business
Fintan Whelan •Co-Founder and Corporate Finance Director
Experienced Offshore Advisory Committee supports the growth of Mainstream’s international offshore activities
Mainstream’s Offshore Projects
Offshore Wind Projects
Neart Na Gaoithe(450 MW)
Horizont (1,200 MW)
Hornsea(6,000 MW)
SMart Wind Awarded Hornsea Zone in UK Round 3
Moray Firth – 1.3GW
Moray Firth Renewables Ltd
Firth of Forth – 3.5GW
Seagreen Wind Energy Ltd
Irish Sea – 4.2GW
Bristol Channel – 1.5GW
West Isle of Wight – 0.9GW
Hastings – 0.6GW
Dogger Bank – 9GW
Forewind Consortium
Hornsea – 6GW
Norfolk Bank – 7.2GW
East Anglia Offshore Wind Ltd
The SMart Wind Joint Venture
For further details please visit www.smartwind.co.uk
First consented
R3 projectFirst block to reach
CODLowest cost of energy
The Crown Estate
SiemensWind
HochtiefBeluga-Hochtief Offshore
EMUSiemens
TDL
Overview of Neart na Gaoithe Project
Neart na Gaoithe – 450MW
● Mainstream was awarded exclusive rights to develop the site by The Crown Estate in February 2009
● Project capacity estimated at 450 MW
● Located 13-30km off the Fife coast and covers an area of approximately 105km2
● Water depths of 45-55m● Grid connection secured● Consent expected in Q4 2012
and COD in 2016
Overview of Horizont Project
● Project● 3 sites: Horizont I, II & III● Potential capacity of 1,200MW ● ca.140 km offshore● 38–42m water depth● 10 m/s average wind speed● Mainstream owns 100% of the project● Consent expected in late 2011● Construction foreseen in 2014/2015
● Market● German government set ambitious targets for
renewable energy with a projected offshore output of around 25 GW by 2025/2030
● Guaranteed allowance of15ct/kWh (EEG) for 12 years (in case of Horizont 17yrs due to distance to shore and water depths); support scheme currently under review for improvement (revision in force in 2012)
● Guaranteed grid connection (with grid costs socialised)
Germany
Horizont I, II, III – 1,200MW
The Supergrid
● The European Union actively supports the idea of a “European Offshore Supergrid” ● 9 countries have signed the North Seas Countries’ Offshore Grid Initiative● The Supergrid is an electricity transmission system, mainly based on direct current, designed
to facilitate large scale sustainable power generation in remote areas for transmission to centres of consumption
Initiated by Mainstream, a group of companies and organisations with a mutual interest in promoting the policy agenda for a European Supergrid and empowered to
build the know-how to deliver it in practice