Country for PR: United Kingdom
Contributor: PR Newswire Europe
Thursday, March 24 2022 - 21:36
Mitsui Joins Aker Horizons as Long-Term Strategic Investor in Mainstream Renewable Power to Accelerate Growth
DUBLIN, March 24, 2022 /PRNewswire-AsiaNet/ --

-	Mitsui & Co., Ltd. invests EUR 575 million in Mainstream Renewable Power to 
accelerate growth of Mainstream's renewable energy portfolio globally, 
including across the Americas, Africa and Asia-Pacific

-	Mainstream will issue new common shares, giving Mitsui a 27.5 percent 
ownership interest

-	Mitsui to strengthen Mainstream's transformation into Renewable Energy Major 
through complementary geographic footprint, global customer network and 
industrial capabilities

    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.

    Since Aker Horizons announced the acquisition of a 75 percent stake in 
Mainstream in January 2021, the company has delivered material operational 
progress, including:
-	Advancing the construction of its wholly-owned 1.4 GW Andes Renovables wind 
and solar generation platform in Chile which is on track to be fully 
operational next year
-	Increasing its global portfolio by 5.2 GW, bringing it to 16.6 GW
-	Obtaining preferred bidder status for 1.27 GW of wind and solar projects in 
South Africa
-	Launching the 1 GW Nazca Renovables platform in Chile, including the signing 
of a private PPA with a strategic partner
-	Securing an investment decision from regional authorities for the first 200 
MW of the 1.4 GW Phu Cuong Soc Trang offshore wind project in Vietnam
-	Acquiring an initial 50 percent ownership stake in an 800 MW floating 
offshore wind project in Japan, alongside with Aker Offshore Wind
-	Successfully completing the planned divestment of Chilean power producer Aela 
Energia, Chile's largest independent producer of renewable energy, for USD 686 
million, and progressing the divestment of one of Africa's largest independent 
power producers, Lekela Power, with targeted completion by the end of this year

    Mary Quaney, Group Chief Executive of Mainstream Renewable Power said, 
"There has never been a more critical time in the history of our planet to 
accelerate the global transition to renewable energy. 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. 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."

    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."

    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.

    Details on the transaction

    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 the 
Company. 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.

    DNB Markets, a part of DNB Bank ASA, has acted as financial advisor and 
Advokatfirmaet BAHR AS has acted as legal advisor to Mainstream and Aker 
Horizons in connection with the transaction.


    Emmet Curley, Head of Communications & Positioning  
    Phone: +353 86 2411 690  

    Elizabeth Adams , FTI Consulting 
    Phone: +44 20 3727 1000  

    About Mainstream Renewable Power 

    Mainstream Renewable Power is a leading pure-play renewable energy company, 
with wind and solar assets across global markets, including in Latin America, 
Africa, and Asia-Pacific. Mainstream is one of the most successful developers 
of gigawatt-scale renewables platforms, across onshore wind, offshore wind, and 
solar power generation. It has successfully delivered 6.5 GW of wind and solar 
generation assets to financial close-ready. In May 2021, Aker Horizons acquired 
a 75% equity stake in the company, accelerating its plans to deliver its 
high-quality pipeline of over 16 gigawatts of renewable energy. 

    Mainstream has raised more than EUR3.0bn in project finance to date and 
employs 485 people across five continents. 

    About Mitsui

    Mitsui & Co., Ltd. is one of the leading Japanese general trading and 
investment firms, established in 1947, with global presence in the various 
business fields and 63 countries/regions with approximately 45,000 employees. 
Mitsui's core strategic aim is to pursue sustainable growth, and through its 
business activities contribute to the development of countries and regions 
around the world while addressing climate change and other global issues. As 
part of this, Mitsui has set a target to reduce GHG impact by 2030 to half of 
what it was in 2020 and achieve net-zero emissions by 2050. Mitsui currently 
has 65 power assets in 22 countries, with gross capacity of 39.6GW and net 
capacity (Mitsui's share) of 10.8GW.

    About Aker Horizons

    Aker Horizons ASA is a planet-positive investment company dedicated to 
developing companies within renewable energy and other technologies that reduce 
emissions or promote sustainable living. The company is listed on the Oslo 
Stock Exchange and majority-owned by Aker ASA. Aker Horizons' investment 
portfolio includes holdings in Aker Clean Hydrogen, Aker Offshore Wind, Aker 
Carbon Capture and Mainstream Renewable Power.

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    Source: Mainstream Renewable Power