Japanese conglomerate Mitsui & Co is investing €575m to own a stake in global renewable energy Mainstream Renewable Power alongside Aker Horizons.
Mainstream will issue new common shares, representing a 27.5% stake in the company, to Mitsui.
Aker Horizons will own 54.4% of Mainstream with Mainstream’s founder, Eddie O’Connor, along with Irish retail investors holding the remaining 18.1% following the deal which is expected to complete next month.
Aker Horizons said the investment will help Mainstream to accelerate the growth of its renewable energy portfolio globally, including across the Americas, Africa, Asia-Pacific and Europe.
Mitsui, Aker Horizons and Mainstream will also continue developing Mainstream towards an initial public offering.
In January last year, Aker Horizons announced the acquisition of a 75% stake in Mainstream
Kristian Røkke, CEO of Aker Horizons and chairman of Mainstream Renewable Power, said Mitsui is the perfect partner for Mainstream to accelerate the company’s growth to become a renewable energy major.
“We see Mainstream as an integral part of Aker Horizons’ plans to develop mega-scale green industrial hubs, drawing on synergies between Mitsui, the Aker Horizons portfolio and other strategic partners.”
Kazumasa Nakai, COO of Mitsui said: “We are delighted to participate in Mainstream jointly with Aker Horizons to boost growth and expansion of development and construction/operation activities of Mainstream, by leveraging our global business networks with customers across industries and its wide-ranged industrial capabilities, including deep expertise in the global power sector.
”We are convinced that the participation in Mainstream will further strengthen the strategic partnership between the Aker group and Mitsui, driving forward our renewable energy transition and greenhouse gas reduction in response to global climate change.”
Mary Quaney, group CEO of Mainstream Renewable Power, said: “There has never been a more critical time in the history of our planet to accelerate the global transition to renewable energy.
”Today’s transformational announcement reinforces Mainstream’s leadership position in the global race to net zero as well as enabling nations to rapidly reduce their dependence on oil and gas imports through the large-scale deployment of renewables.”
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