Energia
Mainstream Renewable Power signs EUR1 billion equity investment deal with Aker Horizons to deliver 5.5 GW global build-out programme by 2023
- Mainstream to continue to operate under its existing brand, with its current CEO and management team and its founder Dr Eddie O'Connor as Chairman
DUBLIN , Jan. 19, 2021 /PRNewswire/ -- Global wind and solar company, Mainstream Renewable Power, has signed an agreement with the renewable energy investment company Aker Horizons (a wholly owned subsidiary of Aker ASA) which will take a 75% equity stake in the company, subject to regulatory approval. The deal values Mainstream at EUR1 billion (including a potential earn-out of up to EUR 100 million in 2023 and subject to customary adjustments) which represents a significant return for shareholders of up to 5.5 times investment. The agreement paves the way for a rapid acceleration of Mainstream's global expansion plans to bring 5.5 Gigawatts (GW) of wind and solar assets to financial close by 2023.
The company, founded by Dr Eddie O'Connor in 2008, has significant interests across Latin America , Asia-Pacific and Africa , as well as in the global offshore wind sector, with over 1.2 GW of major capital projects currently under construction. Mainstream has a major market presence in Chile , Africa , and Vietnam , as well as assets in development in other countries including the Philippines , Australia , and Colombia . The company will remain focused on delivering its ~10 GW global development pipeline and growing its portfolio in existing as well as new markets, with the full backing of the Aker ASA group.
Under the terms of the agreement, the company will continue to operate as Mainstream, led by its CEO Mary Quaney and supported by its established and experienced leadership team. Eddie O'Connor will remain as Chairman, retaining a significant minority interest in the business and all existing shareholders will have the opportunity to reinvest alongside him ahead of a planned IPO of Mainstream within the next two to three years.
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Rothschild & Co acted as financial adviser to Mainstream on the Transaction and Linklaters, Byrne Wallace and Philip Lee acted as legal advisors on the Transaction.
Mainstream Renewable Power is the world's only independent developer of utility-scale wind and solar power assets with a global footprint. The company is focused on expanding its current development pipeline of ~10 GW of wind and solar assets across Latin America , Africa , Asia Pacific as well as the global offshore wind sector.
Mainstream has delivered 6.5 GW of wind and solar assets to financial close-ready and currently has over 1.2 GW (net) in construction across Latin America and Africa .
In Chile , Mainstream's wholly owned 1.3 GW of fully contracted wind and solar assets are on track to reach commercial operation from 2021. In Africa , the company has delivered 842 MW of wind and solar assets into commercial operation in South Africa . Through its Lekela Power joint venture in Africa , it has two wind assets in construction in Senegal and Egypt .
Mainstream is the most successful independent developer of offshore wind at scale globally. It has successfully consented Hornsea One (1.2 GW), the largest operational offshore wind plant in the world today; and developed the Hornsea 2 project (1.4 GW) before selling these projects in 2015. Mainstream fully consented the Neart na Gaoithe offshore wind project in Scotland , 450 MW, currently under construction. Mainstream's Soc Trang 1.4 GW offshore wind development in Vietnam is one of South East Asia's largest renewable energy developments.
Mainstream has raised more than EUR3.0bn in project finance to date and employs 335 staff across five continents.
www.mainstreamrp.com
Aker Horizons is an investment company dedicated to developing companies that solve fundamental challenges to sustainable existence on our planet – or planet-positive investing. The company incubates, invests in and develops companies within renewable energy sectors and other technology segments that make material contributions to reducing emissions and promote sustainability. Aker Horizons leverages the significant industrial and financial capabilities of the Aker group to identify and develop portfolio companies. Aker Horizons is owned by Aker ASA, an industrial investment company that is listed on the Oslo Stock Exchange.
Caroline Cutler & Thomas Pigott
Email: mainstreamRP@fticonsulting.com
or
Emmet Curley , Head of Communications and Community Engagement
Emmet.curley@mainstreamrp.com
+353 86 2411690
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