OSLO, NORWAY: Mainstream Renewable Power, the worldwide renewable energy company, introduced that Mitsui & Co., Ltd. has agreed to make investments EUR 575 million in Mainstream inside the type of new common shares, corresponding to a 27.5 percent fairness stake inside the company.
Mitsui will take a long-term active role inside the expansion of the company, alongside Aker Horizons, which will personal 54.4 percent of Mainstream following the transaction.
This transaction values Mainstream at roughly EUR 2.1 billion on a 100 percent basis.
Mitsui and Mainstream’s portfolios are focused and complementary, with each companies having significant assets in operation or under development in Latin America, Africa and Asia. Mitsui will leverage its global enterprise community throughout industries and its wide-ranging industrial capabilities, together with global independent energy producer (IPP) competence from 22 countries.
Mitsui is one of many main Japanese general buying and selling and funding firms, with roughly 45,000 employees in sixty three countries. Mitsui’s enterprise actions span throughout mineral and metal resources, iron and steel, infrastructure, chemicals and energy.
Mainstream is a pure-play renewable energy firm with a 14-year track record in developing, constructing and working wind and photo voltaic generation assets throughout global markets, together with in Latin America, Africa, Asia-Pacific and Europe.
It is one of many most profitable builders of gigawatt-scale renewables platforms throughout onshore wind, offshore wind, and photo voltaic energy generation having efficiently delivered 6.5 GW of assets to monetary close-ready, together with 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 speed up the company’s growth to become a renewable energy major. I have known Mitsui for a few years and am sure that their wealthy industrial heritage, global presence and like-minded approach to sustainability will bring substantial worth to Mainstream. We see Mainstream as an integral a half of Aker Horizons’ plans to develop mega-scale inexperienced industrial hubs, drawing on synergies between Mitsui, the Aker Horizons portfolio and different strategic partners.”
Mary Quaney, Group Chief Executive of Mainstream Renewable Power said: “There has by no means been a extra critical time inside the historical past of our planet to speed up the worldwide transition to renewable energy. Today’s transformational announcement reinforces Mainstream’s management place inside the worldwide race to net zero in addition to enabling nations to quickly 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’re fully focused on expediting our ambitious growth plans and leveraging our collective experience and resources to transform Mainstream right into a global renewable energy main this decade.”
Kazumasa Nakai, Chief Operating Officer of Mitsui said: “We are delighted to take part in Mainstream collectively with Aker Horizons to spice up growth and expansion of development and construction/operation actions of Mainstream, by leveraging our global enterprise networks with customers throughout industries and its wide-ranged industrial capabilities, together with deep experience inside the worldwide energy sector.
We are satisfied that the participation in Mainstream will additional strengthen the strategic partnership between the Aker group and Mitsui, driving ahead our renewable energy transition and greenhouse gas discount in response to global local weather change.”
Mitsui, Aker Horizons and Mainstream aim to advertise and develop strong enterprise clusters inside the Renewable Energy space, constructing on years of profitable cooperation between Mitsui and the Aker group.
Mitsui’s funding in Mainstream will additional strengthen the strategic partnership between the 2 industrial groups, paving the way for collaborations in new enterprise areas such energy trading, energy management, battery storage, in addition to inexperienced hydrogen and ammonia. Mitsui goals to develop enterprise clusters of scale inside renewable energy assets by leveraging built-in functions of its various enterprise units.
www.mainstreamrp.com