Japanese trading and investment group Mitsui has closed its previously announced acquisition of a 27.5% ownership stake in Mainstream Renewable Power.
With this transaction, Mitsui joins Aker Horizons as a strategic investor in the €2.1bn ($2.3bn) renewable energy company.
Mainstream CEO 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.
“With our collective resources, capabilities and global footprint, Mainstream is now perfectly positioned to lead and accelerate the global transition to renewable energy during this critical time, when countries around the world are gearing up to deploy unprecedented quantities of renewables in the global race to net zero and energy independence.”
Last month, Mitsui announced a €575m investment in Mainstream to acquire the 27.5% equity stake in the company in the form of new common shares.
The transaction also revised Aker Horizons’ stake in Mainstream to 54.4%.
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Mainstream chairman and Aker Horizons CEO Kristian Røkke 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 now seeks to leverage Mitsui’s global presence and knowledge of the power sector, along with Aker Horizons’ industrial capabilities, to bolster its position in the renewable energy market.
In particular, the company will seek to enter high-growth markets, expand its construction and operations capabilities and increase its production of green ammonia and green hydrogen.
Last month, Mainstream and Aker Offshore Wind acquired an initial 50% interest in an 800MW floating offshore wind project in Japan from Progression Energy.