Norwegian investment company Aker Horizons has concluded its previously announced acquisition of a 75% stake in Ireland-based Mainstream Renewable Power.

The deal values Mainstream’s current equity at €900m ($1.08bn) on a 100% basis.

Mainstream’s existing stakeholders reinvested in the company to keep their 25% ownership interest.

In January, Aker Horizons, an investment subsidiary of the Aker Group, agreed to acquire the stake in Mainstream.

Mainstream CEO Mary Quaney said: “We are delighted to have completed this transaction and to become part of the Aker family.

“Mainstream’s vision is of a world electrified by renewable energy and this deal gives us the resources to scale up our ability to deliver that.

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“We envisage growing our business across all of our platforms while working with Aker Horizons to develop new routes to new customers in new markets.”

Aker Horizons will now gain 1.4GW of projects that are either under construction or in operation, as well as a project development pipeline of around 12.5GW.

Since the deal was finalised, the pipeline has increased by more than 1GW.

Aker Horizons aims to enhance its total renewable energy capacity of 10GW and offset 25 million tonnes of CO₂ a year by 2025.

The company’s CEO Kristian Røkke said: “We will focus on scale in selected markets globally, generating high-quality energy from our multi-technology platform and being a hybridisation frontrunner.

“We will accelerate the Power-to-X market as well as pioneering smart energy solutions by leveraging on partnerships with our other companies.”

Aker Horizons has also acquired an interest in superconductor technology company SuperNode, which was founded in 2018 by Mainstream chairman Eddie O’Connor, as part of the deal.

The company and O’Connor will each own a 45.6% stake in SuperNode at the deal’s closing.

Mainstream said that it intends to bring 5.5GW of renewable assets to financial close by 2023.

The company also said that the company has started to prepare for a potential initial public offering (IPO) within the next three years.