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Norwegian investment firm Aker Horizons bought a 75% stake in Mainstream Renewable Power (MRP) for at least $ 818 million (€ 675 million).
Based in Ireland, MRP operates in Europe, Africa and South East Asia, describing itself as “the world’s largest developer of pure-play renewable energy”.
Aker Horizons, an investment subsidiary of the Aker group, will gain 1.4 GW from projects under construction or in operation. This includes the Hornsea 1 and 2 developments in the UK, the world’s largest offshore wind farm. It has a 10 GW project development pipeline, as well as 10 GW of “identified project opportunities”.
The deal also involves a potential top-up of $ 121 million in 2023. It remains subject to regulatory approval, which is expected to close by the end of the second quarter.
A spokesperson for MRP said the company’s shareholders would see a return on investment of up to 5.5 times. Shareholders will also have the opportunity to reinvest before an IPO scheduled in “two to three years”.
Aker will retain MRP chairman and founder Dr Eddie O’Connor as a minority shareholder. He said: “This partnership is the next crucial step in the vision we set for Mainstream in 2008. It means we can broaden our scope of entry into new markets and deepen and extend our leadership position in the markets. existing, as in Chile. . ”
As part of the deal, Aker will also acquire a 50% stake in SuperNode. This company, also founded by O’Connor, develops superconducting cables.
Mary Quaney, CEO of MRP, said: “This agreement allows Mainstream to significantly accelerate its growth plans to deliver a global portfolio of wind and solar assets. We plan to close the financing of 5.5 GW of renewable assets by 2023, which puts us firmly on track to become one of the world’s leading pure-play renewable energy majors.
Reacting to the news of the deal, Aker’s share price rose 8%.
Chairman and CEO of Aker ASA and Chairman of Aker Horizons Øyvind Eriksen said: “Aker has taken a step forward in the past year, taking a position in renewable energy production, green technologies, digitization and other mega resources and capital.
“Combining Mainstream’s global organization and renewable assets with Aker’s track record of building and developing industrial companies is another step in line with our long-term strategy of creating value and positioning Aker Horizons for significant and sustainable growth in the renewable energy markets.
The Aker group also has significant stakes in the oil exploration and production company AkerBP and in the oilfield services company Aker Solutions.
Aker Horizons expects to list on the Euronext Growth stock market within the next 12 months. ABG Sundal Collier, DNB Markets, Nordea Bank ABP and Pareto Securities will assist as financial advisers, Advokatfirma and BAHR acting as legal advisor.
After the IPO, the company will transfer its listing on the Oslo Børs market. A statement from the company says it is also preparing for a “short-term private placement.”
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