PR87672

DUBLIN, Jan. 19, 2021 /PRNewswire=KYODO JBN/ --

- Aker Horizons of Norway to take a 75% equity stake in Mainstream Renewable

Power ("Mainstream" or "The Company") valuing Mainstream at EUR1 billion

including earn-out and subject to customary adjustments

- Agreement enables Mainstream to accelerate its global expansion plan to bring

5.5 Gigawatts (GW) of assets to financial close by 2023 ahead of a planned IPO

- Mainstream to continue to operate under its existing brand, with its current

CEO and management team and its founder Dr Eddie O'Connor as Chairman

Global wind and solar company, Mainstream Renewable Power, has signed an

agreement with the renewable energy investment company Aker Horizons (a wholly

owned subsidiary of Aker ASA) which will take a 75% equity stake in the

company, subject to regulatory approval. The deal values Mainstream at EUR1

billion (including a potential earn-out of up to EUR 100 million in 2023 and

subject to customary adjustments) which represents a significant return for

shareholders of up to 5.5 times investment. The agreement paves the way for a

rapid acceleration of Mainstream's global expansion plans to bring 5.5

Gigawatts (GW) of wind and solar assets to financial close by 2023.

The company, founded by Dr Eddie O'Connor in 2008, has significant interests

across Latin America, Asia-Pacific and Africa, as well as in the global

offshore wind sector, with over 1.2 GW of major capital projects currently

under construction. Mainstream has a major market presence in Chile, Africa,

and Vietnam, as well as assets in development in other countries including the

Philippines, Australia, and Colombia. The company will remain focused on

delivering its ~10 GW global development pipeline and growing its portfolio in

existing as well as new markets, with the full backing of the Aker ASA group.

Under the terms of the agreement, the company will continue to operate as

Mainstream, led by its CEO Mary Quaney and supported by its established and

experienced leadership team.  Eddie O'Connor will remain as Chairman, retaining

a significant minority interest in the business and all existing shareholders

will have the opportunity to reinvest alongside him ahead of a planned IPO of

Mainstream within the next two to three years.

Commenting on the deal, Mainstream's Group Chief Executive Officer, Mary Quaney said:

"We are delighted to have such a highly respected business as Aker Horizons on

board, enabling Mainstream to materially accelerate its growth plans to deliver

a global portfolio of wind and solar assets. We plan to bring 5.5 GW of

renewable assets to financial close globally by 2023, which sets us firmly on

track to becoming one of the world's first pure-play renewable energy majors."  

Mainstream's founder and Chairman Dr Eddie O'Connor said:

"This partnership is the crucial next step in the vision we set out for

Mainstream in 2008 to lead the global transition to renewable energy and rid

the world of CO2 emissions. It means we can widen our scope for entry into new

markets and further deepen and expand our leadership position in existing ones,

such as in Chile where we will soon be supplying the equivalent of one in seven

Chilean homes with power from our wind and solar facilities. Critically, Aker

Horizons shares our vision, mission and values, making it the right partner for

Mainstream. Together with such an exceptional partner we will strengthen our

position as a leader in the global energy transition during this critical decade."

Kristian Røkke, Chief Executive Officer of Aker Horizons, said:

"We are thrilled to partner with Mainstream as we accelerate our journey of

what we call planet-positive investing. Mainstream's role as a pioneer in

renewables and its strong entrepreneurial culture is a good fit as we carve out

our path forward in the energy transition. Through the acquisition of

Mainstream, Aker Horizons will gain a platform to drive forward its plans in

renewable energy and position itself in a growing market for hybrid projects."

Rothschild & Co acted as financial adviser to Mainstream on the Transaction and

Linklaters, Byrne Wallace and Philip Lee acted as legal advisors on the Transaction.

About Mainstream Renewable Power

Mainstream Renewable Power is the world's only independent developer of

utility-scale wind and solar power assets with a global footprint. The company

is focused on expanding its current development pipeline of ~10 GW of wind and

solar assets across Latin America, Africa, Asia Pacific as well as the global

offshore wind sector.

Mainstream has delivered 6.5 GW of wind and solar assets to financial

close-ready and currently has over 1.2 GW (net) in construction across Latin

America and Africa.

In Chile, Mainstream's wholly owned 1.3 GW of fully contracted wind and solar

assets are on track to reach commercial operation from 2021. In Africa, the

company has delivered 842 MW of wind and solar assets into commercial operation

in South Africa. Through its Lekela Power joint venture in Africa, it has two

wind assets in construction in Senegal and Egypt.

Mainstream is the most successful independent developer of offshore wind at

scale globally.  It has successfully consented Hornsea One (1.2 GW), the

largest operational offshore wind plant in the world today; and developed the

Hornsea 2 project (1.4 GW) before selling these projects in 2015.  Mainstream

fully consented the Neart na Gaoithe offshore wind project in Scotland, 450 MW,

currently under construction.  Mainstream's Soc Trang 1.4 GW offshore wind

development in Vietnam is one of South East Asia's largest renewable energy developments.

Mainstream has raised more than EUR3.0bn in project finance to date and employs

335 staff across five continents.

www.mainstreamrp.com

About Aker Horizons

Aker Horizons is an investment company dedicated to developing companies that

solve fundamental challenges to sustainable existence on our planet – or

planet-positive investing. The company incubates, invests in and develops

companies within renewable energy sectors and other technology segments that

make material contributions to reducing emissions and promote sustainability.

Aker Horizons leverages the significant industrial and financial capabilities

of the Aker group to identify and develop portfolio companies. Aker Horizons is

owned by Aker ASA, an industrial investment company that is listed on the Oslo

Stock Exchange.

For more information, please contact:

FTI Consulting  

Caroline Cutler & Thomas Pigott

Email: mainstreamRP@fticonsulting.com  

or

Mainstream Renewable Power

Emmet Curley, Head of Communications and Community Engagement

Emmet.curley@mainstreamrp.com

+353 86 2411690

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Source: Mainstream Renewable Power