Japanese trader Mitsui & Co Ltd (TYO:8031) has concluded its acquisition of a 27.5% interest in Mainstream Renewable Power from Aker Horizons ASA (OSE:AKH) for EUR 575 million (USD 628m), the parties announced today.
Mitsui has secured the opportunity to be a long-term strategic investor in Mainstream by taking part in a private placement of common shares at the target’s holding company. As a result of this transaction, which values 100% of Mainstream at about EUR 2.1 billion, Aker Horizons is now left with a 54.4% stake in the renewable energy company.
The Japanese general trading and investment firm’s current portfolio is complementary to that of Mainstream. At the same time, its global presence, power sector experience and strategic alliances around the world are seen to help the renewables developer accelerate its geographic expansion into high-growth markets, broaden its routes to market and enhance its energy solutions capabilities, the announcement says.
"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,” commented Kristian Røkke, CEO of Aker Horizons and chairman of Mainstream.
(EUR 1.0 = USD 1.093)
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