Mitsui closes $624m transaction with Mainstream Renewable Power

Japanese trading and investment group Mitsui has announced the close of a $624.7 million transaction with the global renewable energy company Mainstream Renewable Power, seeing them gain a 27.5% stake in Mainstream.

Mitsui joins as a long-term strategic investor in Mainstream, alongside Aker Horizons, which owns 54.4% of Mainstream following the transaction.

Kristian Røkke, Chief Executive of Aker Horizons and Chairman of Mainstream, commented on their excitement at the prospects of the new partnership: “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.”

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Mitsui’s global presence, power sector acumen and global strategic alliances, coupled with Aker Horizons’ industrial capabilities, are expected to have significant strategic implications.

These implications are hoped to drive Mainstream’s transformation into a renewable energy major. For example by:

• Accelerating Mainstream’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 growth in green ammonia and green hydrogen production, thereby advancing its Power to X offering

Mitsui and Mainstream’s portfolios are reportedly complementary, with both 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.

Mary Quaney, Chief Executive Officer of Mainstream commented on the announcement in a statement: “With our collective resources, capabilities and global footprint, Mainstream is now perfectly positioned (…) during this critical time when countries around the world are gearing up to deploy unprecedented quantities of renewables in the global race to net zero and energy independence.”