Mainstream eyes multibillion euro Australian project as losses narrow

Dublin-based Mainstream Renewable Power and a group of three partners have been awarded a feasibility licence by the Australian government for a 2.5 gigawatt offshore project off the coast of Victoria in the southeast of the country.

This marked a significant improvement on a €43 million loss for the preceding three months and a €48 million shortfall for the same period last year – aided by a cost-cutting programme as Mainstream continues to experience challenges in Chile, currently its main market. The first phase of the project is expected to be operational in 2032, contributing significantly to the Victorian Government’s offshore wind targets of at least 2GW by then and 4GW by 2035. When fully operational, this project could power up to 1.4 million Victorian homes which is equivalent to supplying approximately 17 per cent of the state’s 2023 electricity demand, the consortium said in a statement.

“We have been present in Australia since 2019, developing a 1.5GW portfolio of greenfield projects onshore and we’re now excited to add offshore wind to our pipeline in this very promising market for renewable energy development.”

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