Renewable Energy Corp. invests $40 million in U.S. solar firm

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Renewable
Energy Corporation ASA has invested $40 million for a 20 percent
shareholding in Mainstream Energy Corporation (MSE), a renewable energy
company headquartered in San Luis Obispo, California.

“Our investment in Mainstream Energy is both a reflection of the increasing importance of the US market and our ambition to take a more active role in building robust and scalable market channels as a basis for further growth,” says Erik Thorsen, President and CEO of Renewable Energy Corporation.

“The investment by the REC Group brings not only capital but also deep insight and experience in the entire PV value chain which we hope to leverage to provide additional value to our customers and manufacturing partners alike,” says Timothy Ball, Chairman of Mainstream Energy.

MSE will utilize the capital to accelerate its investments in companies, products and processes that reduce cost to increase solar energy acceptance in North America.

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