Mitsui Invests 575M Euros in Mainstream Renewable Power

Thursday, March 24, 2022

Japanese firm Mitsui & Co has agreed to invest EUR 575 million in Mainstream Renewable Power in the form of new common shares, corresponding to a 27.5 percent equity stake in the Mainstream, in a move that Mainstream says will pave way for the company to become "a global renewable energy major."

"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," Mainstream, which develops, builds, and operates wind and solar generation assets across the globe, said.

This transaction values Mainstream at approximately EUR €2.1 billion on a 100 percent basis.

Mary Quaney, Group Chief Executive of Mainstream Renewable Power, said: "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."

Kristian Røkke, Chief Executive 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."

Mitsui COO Kazumasa Nakai, left, and Kristian Røkke, CEO of Aker Horizons, believe the Japanese company's global business networks will bring substantial value to Mainstream 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."

IPO

The transaction will be completed as a private placement of common shares in Aker Mainstream Renewables AS, the holding company of Mainstream Renewable Power, towards Mitsui, raising EUR €575 million in gross proceeds to Mainstream.

 Following the transaction, Mitsui will hold a 27.5 percent share in Mainstream, Aker Horizons will hold 54.4 percent and Mainstream’s founder, Eddie O’Connor, along with Irish retail investors hold the remaining 18.1 percent. Closing of the transaction is expected in April 2022.

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 said.


Categories: Energy Renewable Energy Industry News Offshore Wind Activity

Related Stories

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

MDL Secures Cable Laying Job in Asia Pacific

Yinson Production Nets DNV Approval for New FPSO Hull Design

Brownfield Output Decline Accelerates, says IEA

Marco Polo Picks Salt Ship Design for Next-Gen Offshore Energy CSOV

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

Current News

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com