Aker Horizons Closes Transaction with Mitsui as Strategic Partner

Source: www.gulfoilandgas.com 4/7/2022, Location: Asia

Aker Horizons ASA ("Aker Horizons") has closed the transaction with Mitsui & Co., Ltd. ("Mitsui") announced on 24 March 2022, resulting in the Japanese trading and investment group owning a 27.5 percent stake in Mainstream Renewable Power ("Mainstream").

On 24 March 2022, Mainstream Renewable Power, the global renewable energy company, announced that Mitsui agreed to invest EUR 575 million in Mainstream in the form of new common shares, corresponding to a 27.5 percent equity stake. Mitsui joins as a long-term strategic investor in Mainstream, alongside Aker Horizons, which owns 54.4 percent of Mainstream following the transaction.

"We are excited to be off and running with this strategic partnership between Mitsui and Aker Horizons in Mainstream,” said Kristian Røkke, Chief Executive Officer of Aker Horizons and Chairman of 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."

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 Mainstream’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 growth in green ammonia and green hydrogen production, thereby rapidly advancing its Power to X offering
- This transaction values Mainstream at approximately EUR 2.1 billion on a 100 percent basis.

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