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March 25, 2022

Mitsui to purchase 27.5% stake in Mainstream Renewable Power

Aker Horizons will hold a 54.4% stake in Mainstream following the deal's completion.

Japanese general trading firm Mitsui & Co has agreed to acquire a 27.5% stake in Aker Horizons subsidiary Mainstream Renewable Power for a €575m ($633m) consideration.

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The deal will value Mainstream Renewable Power at almost €2.1bn on a 100% basis.

Mitsui chief operating officer Kazumasa Nakai said: “We are delighted to participate in Mainstream jointly with Aker Horizons to boost the growth and expansion of the development and construction/operation activities of Mainstream, by leveraging our global business networks with customers across industries and its wide-ranged industrial capabilities, including deep expertise in the global power sector.

“We are convinced that the participation in Mainstream will further strengthen the strategic partnership between the Aker Group and Mitsui, driving forward our renewable energy transition and greenhouse gas reduction in response to global climate change.”

Mitsui aims to support Mainstream Renewable Power’s growth alongside Aker Horizons, which will hold a 54.4% stake in Mainstream once the deal is completed.

The deal is expected to strengthen the partnership between Aker and Mitsui, with the two companies aiming to create maximum value for Mainstream.

Aker and Mitsui also intend to extend their collaboration beyond renewable energy and focus on electricity trading, energy management and battery projects.

The deal is expected to close in April this year.

Aker Horizons chief executive and Mainstream chairman Kristian Røkke said: “Mitsui is the perfect partner for Mainstream to accelerate the company’s growth to become a renewable energy major.

“I have known Mitsui for many years and am certain that their rich industrial heritage, global presence and like-minded approach to sustainability will bring substantial value to Mainstream.

“We see Mainstream as an integral part of Aker Horizons’ plans to develop mega-scale green industrial hubs, drawing on synergies between Mitsui, the Aker Horizons portfolio and other strategic partners.”

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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