Aker Horizons ASA ("Aker Horizons") has today 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.
ENDS
For further information, please contact:
Christian Yggeseth, Investor Relations, Tel: +47 915 10 000,
christian.yggeseth@akerhorizons.com
Ivar Simensen, Communications, Tel: +47 464 02 317,
ivar.simensen@akerhorizons.com
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