Mitsui invests $631 mln in Aker's Mainstream Renewable
24/03/2022 07:32
OSLO, March 24 (Reuters) - Japanese trading house Mitsui
8031.T has agreed to invest 575 million euros ($631 million)
for a 27.5% stake in Mainstream Renewable Power, a company
controlled by Norway's Aker Horizons AKH.OL , the companies
said on Thursday.
The transaction, valuing Mainstream at 2.1 billion euros,
leaves Aker Horizons' holding at 54.4%.
"Mitsui, Aker Horizons and Mainstream will continue
developing Mainstream towards an initial public offering," the
three companies said in a joint statement.
Mitsui's investment and global business network will help
Mainstream to speed expansion of its portfolio of wind and solar
energy in the Americas, Africa, Asia-Pacific and Europe, they
added.
Mainstream will also expand in battery storage, power
trading, green ammonia and green hydrogen production, the
companies said.
"Mitsui is the perfect partner for Mainstream to accelerate
the company's growth to become a renewable energy major," said
Aker Horizons CEO and Mainstream Chairman Kristian Roekke.
Aker Horizons bought a 75% stake in Mainstream at the start
of 2021, valuing the business at 900 million euros.
($1 = 0.9107 euros)
(Reporting by Terje Solsvik
Editing by David Goodman)
((terje.solsvik@thomsonreuters.com; +47 918 666 70))