OSLO, NORWAY: Mainstream Renewable Power, the global renewable energy company, announced that Mitsui & Co., Ltd. has agreed to invest EUR 575 million in Mainstream in the form of new common shares, corresponding to a 27.5 percent equity stake in the company.
Mitsui will take a long-term active role in the growth of the company, alongside Aker Horizons, which will own 54.4 percent of Mainstream following the transaction.
This transaction values Mainstream at approximately EUR 2.1 billion on a 100 percent basis.
Mitsui and Mainstream’s portfolios are focused and complementary, with both companies having significant assets in operation or under development in Latin America, Africa and Asia. Mitsui will leverage its global business network across industries and its wide-ranging industrial capabilities, including global independent power producer (IPP) competence from 22 countries.
Mitsui is one of the leading Japanese general trading and investment firms, with approximately 45,000 employees in 63 countries. Mitsui’s business activities span across mineral and metal resources, iron and steel, infrastructure, chemicals and energy.
Mainstream is a pure-play renewable energy company with a 14-year track record in developing, building and operating wind and solar generation assets across global markets, including in Latin America, Africa, Asia-Pacific and Europe.
It is one of the most successful developers of gigawatt-scale renewables platforms across onshore wind, offshore wind, and solar power generation having successfully delivered 6.5 GW of assets to financial close-ready, including the Hornsea zone, the world’s largest offshore wind farm in operation today.
Kristian Røkke, Chief Executive Officer of Aker Horizons and Chairman of Mainstream said: “Mitsui is the perfect partner for Mainstream to accelerate the company’s growth to become a renewable energy major. I have known Mitsui for many years and am certain that their rich industrial heritage, global presence and like-minded approach to sustainability will bring substantial value to Mainstream. 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.”
Mary Quaney, Group Chief Executive 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.
We are delighted to welcome Mitsui as our new strategic partner alongside Aker Horizons. Together we are fully focused on expediting our ambitious growth plans and leveraging our collective expertise and resources to transform Mainstream into a global renewable energy major this decade.”
Kazumasa Nakai, Chief Operating Officer 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.”
Mitsui, Aker Horizons and Mainstream aim to promote and develop strong business clusters in the Renewable Energy space, building on years of successful cooperation between Mitsui and the Aker group.
Mitsui’s investment in Mainstream will further strengthen the strategic partnership between the two industrial groups, paving the way for collaborations in new business areas such energy trading, energy management, battery storage, as well as green hydrogen and ammonia. Mitsui aims to develop business clusters of scale within renewable energy assets by leveraging integrated functions of its various business units.
Leave a Reply