Mitsui is to invest €575m in Mainstream Renewable Power to accelerate growth of the developer’s global renewable energy portfolio, across the Americas, Africa, and Asia-Pacific. Mainstream will issue new common shares, giving Mitsui a 27.5% ownership interest. Mitsui will take a long-term active role in the growth of Mainstream, alongside Aker Horizons, which will own 54.4% of Mainstream following the transaction. This transaction values Mainstream at approximately €2.1bn on a 100% basis. 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. These include accelerating Mainstream’s geographic expansion into high-growth markets, broadening its routes to market, particularly in corporate power purchase agreements (PPAs), and accelerating the increase in Mainstream’s construction and operations capacity across multi-gigawatt platforms.
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 energy trading, energy management, battery storage, as well as green hydrogen and ammonia. Other progress includes increasing Mainstream’s global portfolio by 5.2GW, bringing it to 16.6GW and launching the 1GW Nazca Renovables platform in Chile, including the signing of a private PPA with a strategic partner.