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Mitsui invests €575mn to take

27% stake in Mainstream

JAPAN
JAPAN’S Mitsui & Co. is to invest €575mn in producers (IPPs) in 22 countries.
Aker-owned Mainstream Renewable Power in a Mainstream has developed 6.5 GW of wind
bid to finance the global green developers drive and solar in Latin America, Africa, Asia-Pacific
to expand its footprint in the Americas, Africa, and Europe. It is involved in the UK’s Hornsea
Asia-Pacific and Europe. One, the world’s largest offshore wind farm in
The deal will give Mitsui a 27.5% stake in operation.
Mainstream and reduce Aker Horizons’ interest Since Aker bought a 75% stake in 2021, Main-
from 75% to 54%. Mainstream’s founder, Eddie stream is developing the 1.4-GW Andes Renov-
O’Connor, along with Irish retail investors will ables in wind and solar generation platform in
hold the remaining 18.1%. Closing of the trans- Chile, and the 1-GW Nazca Renovables platform
action is expected in April 2022. The deal values in Chile.
Mainstream at €2.1bn. It is also securing an investment decision
The deal is particularly important to the off- from regional authorities for the first 200 MW
shore wind sector, where Mitsui has established of the 1.4-GW Phu Cuong Soc Trang offshore
interests and Mainstream is keen to expand. wind project in Vietnam.
It is also part of Mitsui’s greater exposure to Mainstream is currently acquiring an initial
green projects as it pulls back from fossil fuels 50% ownership stake in Progression Energy’s
industries. 800-MW floating offshore wind project in Japan,
Kristian Røkke, chief executive officer of Aker along with Aker Offshore Wind.
Horizons and chairman of Mainstream, said: Mainstream has also obtained preferred bid-
“Mitsui is the perfect partner for Mainstream der status for 1.27 GW of wind and solar projects
to accelerate the company’s growth to become a in South Africa.
renewable energy major. I have known Mitsui for Aker currently has a global pipeline of 16.6
many years and am certain that their rich indus- GW of solar and wind projects. With Main-
trial heritage, global presence and like-minded stream’s 8 GW of identified opportunities, Aker’s
approach to sustainability will bring substantial total volume of pipeline and opportunities rises
value to Mainstream. We see Mainstream as an to 25 GW.
integral part of Aker Horizons’ plans to develop For Mitsui, the deal is another step in pulling
mega-scale green industrial hubs, drawing on back from upstream projects amid intensifying
synergies between Mitsui, the Aker Horizons emission reduction targets, a trend being fol-
portfolio and other strategic partners.” lowed by other Japanese trading houses. Japan
Both Mitsui and Mainstream have green has pledges to reach net zero by 2050.
assets in operation or under development in In 2021, Mitsui closed the sale of its 35% stake
Latin America, Africa and Asia. in Beach Energy’s BassGas project off the coast of
Mitsui also has interests in a range of indus- Australia’s southern state of Victoria.™
tries worldwide, including independent power

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