Mitsui to Join Aker Horizons as Strategic Partner and Investor in Mainstream Renewable Power
Japanese trading and investment firm Mitsui now has a 27.5 percent stake in Mainstream Renewable Power, following the closure of their transaction with Aker Horizon.
April 08, 2022. By News Bureau
Mainstream announced on 24 March 2022 that Mitsui agreed to an investment of EUR 575 million in the company in the form of new common shares, which correspond to a 27.5 percent equity stake. Mitsui joins as a long-term strategic investor in Mainstream, alongside Aker Horizons, which has a 54.4 percent in Mainstream after the transaction.
"We are excited to be off and running with this strategic partnership between Mitsui and Aker Horizons in Mainstream," said Kristian Røkke, Chief Executive Officer, Aker Horizons and Chairman, Mainstream. "We see Mainstream as an integral part of Aker Horizons' plans to develop green industrial hubs globally and this partnership as a way to leverage our respective companies' strengths to accelerate growth."
With focused and complementary portfolios, Mitsui and Mainstream both have significant assets in operation or under development in Latin America, Asia, and Africa.
One of Japan’s leading general trading and investment firms, Mitsui employs about 45,000 people across 63 countries. The company’s business interests include mineral and metal resources, iron and steel, infrastructure, chemicals, and energy.
With Mitsui’s global presence and extensive experience in the power sector, and Aker Horizons’ industrial capabilities, Mainstream is set for a significant transformation into a renewable energy major.
The strategic implications include acceleration of Mainstream’s expansion into high-growth markets, broadening its routes to market, particularly in the Corporate Power Purchase Agreement (PPA) sector, augmenting its energy solutions capabilities including battery storage and power trading, among others.
This transaction values Mainstream at approximately EUR 2.1 billion on a 100 percent basis.
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