Japanese trading group Mitsui has closed a transaction with Mainstream to take a 27.5% stake in the renewable energy developer.
The deal’s conclusion follows on from an announcement in March that Mitsui agreed to invest €575m in Mainstream in the form of new common shares, corresponding to a 27.5% equity stake.
Mitsui joins as a long-term strategic investor in Mainstream, alongside Aker Horizons, which now owns a 54.4% stake in Mainstream following the transaction.
Aker Horizons CEO and Mainstream chair Kristian Rokke (pictured) said: “We are excited to be off and running with this strategic partnership between Mitsui and Aker Horizons in Mainstream.
“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.”
Mainstream chief executive Mary Quaney said: “We are very happy to be moving swiftly forward with the backing of our new long-term strategic partner and investor, Mitsui, alongside Aker Horizons.”
Mitsui and Mainstream’s portfolios are 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.