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.

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.

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By GlobalData

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.”