Mainstream Renewable Power announced that Japanese general trading and investment firms Mitsui & Co., Ltd. will be investing €575 million in the Irish renewables company. The investment will be done in the form of new common shares, and Mitsui will hold a 27.5% equity stake in Mainstream.
Mitsui's focus will be to accelerate growth of Mainstream's renewable energy portfolio globally, including across the Americas, Africa and Asia-Pacific, and will take a long-term active role in the growth of Mainstream, alongside Aker Horizons, which will own 54.4% of Mainstream following the transaction. Aker Horizons had announced the acquisition of a 75% stake in Mainstream in January 2021.
Group Chief Executive of Mainstream Renewable Power Mary Quaney said, "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. Chief Operating Officer of Mitsui Kazumasa Nakai 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.
Mitsui, Aker Horizons and Mainstream intend to continue developing Mainstream towards an initial public offering, although the transaction secures flexibility with regards to the timing of future funding of Mainstream.
Mainstream has been actively expanding internationally across the globe in recent times (see Mainstream Sets Up New RE Platform For Chilean Market; see Mainstream Renewable Power Gets Serious About Vietnam).