Norway’s energy group Aker has agreed to acquire a 75% stake in the Ireland-based global wind and solar project developer Mainstream Renewable Power, in a transaction valuing the company at €900m (on a 100% basis, plus a €100m potential earn-out in 2023), subject to customary adjustments. The transaction, which is subject to customary and regulatory approvals, is expected to close by June 2021.
Mainstream Renewable Power is the largest independent developer in Chile and has significant assets in Africa. The group has developed 6.4 GW of renewable capacity and sold most of this capacity to other companies. It currently has a portfolio of projects in operation and under construction of about 1.4 GW net (mainly onshore wind and solar assets in Chile and South Africa) and a project development pipeline of about 10 GW, with a further 10 GW of identified project opportunities. The transaction will enable Mainstream to accelerate its plans to bring 5.5 GW of assets to financial close by 2023, ahead of Aker's planned IPO.
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