Japanese investment firm Mitsui has invested €575 million (US$631.6 million) in renewables developer Mainstream Renewable Power, bringing its valuation to €2.1 billion after the transaction.
Mitsui will acquire 27.5% of equity stock from Mainstream while Aker Horizons, the investment company who acquired 75% of stakes in Mainstream last year, will own 54.4% after the transaction.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
Mitsui’s global network in the power industry will allow Mainstream to keep growing its global portfolio, with the renewables developer increasing its investments in battery storage as well as projects in green ammonia and green hydrogen. It will also focus on increasing its corporate power purchase agreements (PPAs).
Kristian Røkke, CEO 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.”
The three companies are continuing to gear Mainstream towards an initial public offering (IPO).
So far, Mainstream has delivered 6.5GW of solar and wind projects and has a current pipeline of 16.6GW, with a further 8GW of identified opportunities.
Moreover, Mainstream raised US$100 million in November 2021 to pursue a multi-gigawatt pipeline across Latin America, Africa and Asia-Pacific.
In July 2021, Mainstream started development of its 1GW Nazca Renovables platform in Chile with a mix of solar and wind farms.