Mitsui Joins Aker Horizons as Long-Term Strategic Investor in Mainstream Renewable Power to Accelerate Growth

 

 

Mainstream Renewable Power (“Mainstream”, the “Company”), the global renewable energy company, is pleased to announce that Mitsui & Co., Ltd. (“Mitsui”) 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.

Accelerating Mainstream’s transformation to a Renewable Energy Major

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.

Mitsui’s global presence, deep experience in the power sector and global strategic alliances, coupled with Aker Horizons’ industrial capabilities, will have significant strategic implications for Mainstream’s transformation into a renewable energy major, including:

  • Accelerating the Company’s geographic expansion into high-growth markets
  • Broadening its routes to market, particularly in the Corporate Power Purchase Agreement (PPA) sector
  • Accelerating the increase in its construction and operations capacity across multi-gigawatt platforms
  • Augmenting its energy solutions capabilities including battery storage and power trading
  • Spurring its leadership position in green ammonia and green hydrogen production, thereby rapidly advancing its Power to X offering

Delivering significant operational progress

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, and Asia-Pacific. 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.

Global partnership to develop strong business clusters in the Renewable Energy sector

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 as 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.

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