PR95151

DUBLIN, March 24, 2022 /PRNewswire=KYODO JBN/ --

-        Mitsui & Co., Ltd. invests EUR 575 million in Mainstream Renewable Power to

accelerate growth of Mainstream's renewable energy portfolio globally,

including across the Americas, Africa and Asia-Pacific

-        Mainstream will issue new common shares, giving Mitsui a 27.5 percent

ownership interest

-        Mitsui to strengthen Mainstream's transformation into Renewable Energy Major

through complementary geographic footprint, global customer network and

industrial capabilities

    Mainstream Renewable Power ("Mainstream", the "Company"), the global

renewable energy company, is pleased to announce that Mitsui & Co., Ltd.

("Mitsui") has agreed to invest EUR 575 million in Mainstream in the form of

new common shares, corresponding to a 27.5 percent equity stake in the Company.

Mitsui will take a long-term active role in the growth of the Company,

alongside Aker Horizons, which will own 54.4 percent of Mainstream following

the transaction.

    This transaction values Mainstream at approximately EUR €2.1 billion on a

100 percent basis.

    Accelerating Mainstream's transformation to a Renewable Energy Major

    Mitsui and Mainstream's portfolios are focused and complementary, with both

companies having significant assets in operation or under development in Latin

America, Africa and Asia. Mitsui will leverage its global business network

across industries and its wide-ranging industrial capabilities, including

global independent power producer (IPP) competence from 22 countries.

    Mitsui is one of the leading Japanese general trading and investment firms,

with approximately 45,000 employees in 63 countries. Mitsui's business

activities span across mineral and metal resources, iron and steel,

infrastructure, chemicals and energy.

    Mitsui's global presence, deep experience in the power sector and global

strategic alliances, coupled with Aker Horizons' industrial capabilities, will

have significant strategic implications for Mainstream's transformation into a

renewable energy major, including:

-        Accelerating the Company's geographic expansion into high-growth markets

-        Broadening its routes to market, particularly in the Corporate Power Purchase

Agreement (PPA) sector

-        Accelerating the increase in its construction and operations capacity across

multi-gigawatt platforms

-        Augmenting its energy solutions capabilities including battery storage and

power trading

-        Spurring its leadership position in green ammonia and green hydrogen

production, thereby rapidly advancing its Power to X offering

    Delivering significant operational progress

    Mainstream is a pure-play renewable energy company with a 14-year track

record in developing, building and operating wind and solar generation assets

across global markets, including in Latin America, Africa, and Asia-Pacific. It

is one of the most successful developers of gigawatt-scale renewables platforms

across onshore wind, offshore wind, and solar power generation, having

successfully delivered 6.5 GW of assets to financial close-ready including the

Hornsea zone, the world's largest offshore wind farm in operation today.

    Since Aker Horizons announced the acquisition of a 75 percent stake in

Mainstream in January 2021, the company has delivered material operational

progress, including:

-        Advancing the construction of its wholly-owned 1.4 GW Andes Renovables wind

and solar generation platform in Chile which is on track to be fully

operational next year

-        Increasing its global portfolio by 5.2 GW, bringing it to 16.6 GW

-        Obtaining preferred bidder status for 1.27 GW of wind and solar projects in

South Africa

-        Launching the 1 GW Nazca Renovables platform in Chile, including the signing

of a private PPA with a strategic partner

-        Securing an investment decision from regional authorities for the first 200

MW of the 1.4 GW Phu Cuong Soc Trang offshore wind project in Vietnam

-        Acquiring an initial 50 percent ownership stake in an 800 MW floating

offshore wind project in Japan, alongside with Aker Offshore Wind

-        Successfully completing the planned divestment of Chilean power producer Aela

Energia, Chile's largest independent producer of renewable energy, for USD 686

million, and progressing the divestment of one of Africa's largest independent

power producers, Lekela Power, with targeted completion by the end of this year

    Mary Quaney, Group Chief Executive of Mainstream Renewable Power said,

"There has never been a more critical time in the history of our planet to

accelerate the global transition to renewable energy. Today's transformational

announcement reinforces Mainstream's leadership position in the global race to

net zero as well as enabling nations to rapidly reduce their dependence on oil

and gas imports through the large-scale deployment of renewables. We are

delighted to welcome Mitsui as our new strategic partner alongside Aker

Horizons. Together, we are fully focused on expediting our ambitious growth

plans and leveraging our collective expertise and resources to transform

Mainstream into a global renewable energy major this decade."

    Kristian Røkke, Chief Executive of Aker Horizons and Chairman of Mainstream

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."

    Kazumasa Nakai, Chief Operating Officer of Mitsui said, "We are delighted

to participate in Mainstream jointly with Aker Horizons to boost growth and

expansion of 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."

    Global partnership to develop strong business clusters in the Renewable

Energy sector

    Mitsui, Aker Horizons and Mainstream aim to promote and develop strong

business clusters in the Renewable Energy space, building on years of

successful cooperation between Mitsui and the Aker group. Mitsui's investment

in Mainstream will further strengthen the strategic partnership between the two

industrial groups, paving the way for collaborations in new business areas such

as energy trading, energy management, battery storage, as well as green

hydrogen and ammonia. Mitsui aims to develop business clusters of scale within

renewable energy assets by leveraging integrated functions of its various

business units.

    Details on the transaction

    The transaction will be completed as a private placement of common shares

in Aker Mainstream Renewables AS, the holding company of Mainstream Renewable

Power, towards Mitsui, raising EUR 575 million in gross proceeds to the

Company. Following the transaction, Mitsui will hold a 27.5 percent share in

Mainstream, Aker Horizons will hold 54.4 percent and Mainstream's founder,

Eddie O'Connor, along with Irish retail investors hold the remaining 18.1

percent. Closing of the transaction is expected in April 2022.

    Mitsui, Aker Horizons and Mainstream intend to continue developing

Mainstream towards an initial public offering, although the transaction secures

flexibility with regards to the timing of future funding of Mainstream.

    DNB Markets, a part of DNB Bank ASA, has acted as financial advisor and

Advokatfirmaet BAHR AS has acted as legal advisor to Mainstream and Aker

Horizons in connection with the transaction.

    Contact:  

    Emmet Curley, Head of Communications & Positioning  

    Phone: +353 86 2411 690  

    Email: emmet.curley@mainstreamrp.com  

    Elizabeth Adams , FTI Consulting

    Phone: +44 20 3727 1000  

    Email: mainstreamRP@fticonsulting.com

    About Mainstream Renewable Power

    Mainstream Renewable Power is a leading pure-play renewable energy company,

with wind and solar assets across global markets, including in Latin America,

Africa, and Asia-Pacific. Mainstream is one of the most successful developers

of gigawatt-scale renewables platforms, across onshore wind, offshore wind, and

solar power generation. It has successfully delivered 6.5 GW of wind and solar

generation assets to financial close-ready. In May 2021, Aker Horizons acquired

a 75% equity stake in the company, accelerating its plans to deliver its

high-quality pipeline of over 16 gigawatts of renewable energy.

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

employs 485 people across five continents.  

    www.mainstreamrp.com　

    About Mitsui

    Mitsui & Co., Ltd. is one of the leading Japanese general trading and

investment firms, established in 1947, with global presence in the various

business fields and 63 countries/regions with approximately 45,000 employees.

Mitsui's core strategic aim is to pursue sustainable growth, and through its

business activities contribute to the development of countries and regions

around the world while addressing climate change and other global issues. As

part of this, Mitsui has set a target to reduce GHG impact by 2030 to half of

what it was in 2020 and achieve net-zero emissions by 2050. Mitsui currently

has 65 power assets in 22 countries, with gross capacity of 39.6GW and net

capacity (Mitsui's share) of 10.8GW.

    About Aker Horizons

    Aker Horizons ASA is a planet-positive investment company dedicated to

developing companies within renewable energy and other technologies that reduce

emissions or promote sustainable living. The company is listed on the Oslo

Stock Exchange and majority-owned by Aker ASA. Aker Horizons' investment

portfolio includes holdings in Aker Clean Hydrogen, Aker Offshore Wind, Aker

Carbon Capture and Mainstream Renewable Power.

    www.akerhorizons.com　

    Logo -

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    Source: Mainstream Renewable Power