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Mitsui Invests $631m in Aker’s Mainstream Renewable

Japanese trading house Mitsui has agreed to invest 575 million euros ($631 million) for a 27.5% stake in Mainstream Renewable Power, a company controlled by Norway’s Aker Horizons


The logo of Japanese trading company Mitsui & Co is seen in Tokyo, January 10, 2018. File photo: Toru Hanai, Reuters.

 

Japanese trading house Mitsui has agreed to invest 575 million euros ($631 million) for a 27.5% stake in Mainstream Renewable Power, a company controlled by Norway’s Aker Horizons, the companies said on Thursday.

The transaction, valuing Mainstream at 2.1 billion euros, leaves Aker Horizons’ holding at 54.4%.

Mitsui, Aker Horizons and Mainstream will continue developing Mainstream towards an initial public offering,” the three companies said in a joint statement.

Mitsui‘s investment and global business network will help Mainstream to speed expansion of its portfolio of wind and solar energy in the Americas, Africa, Asia-Pacific and Europe, they added.

Mainstream will also expand in battery storage, power trading, green ammonia and green hydrogen production, the companies said.

Mitsui is the perfect partner for Mainstream to accelerate the company’s growth to become a renewable energy major,” Aker Horizons CEO and Mainstream chairman Kristian Roekke said.

Aker Horizons bought a 75% stake in Mainstream at the start of 2021, valuing the business at 900 million euros.

 

• Reuters with additional editing by Jim Pollard

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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