Aker Horizons takes majority stake in Mainstream

Mainstream Renewable Power pushes ahead with global construction programme and planned IPO

Norwegian private equity fund Aker Horizons has agreed a €1bn ($1.2bn) equity investment deal with Irish project development company Mainstream Renewable Power. The capital injection will allow Mainstream to deliver on its 5.5GW global wind and solar build-out programme. Aker Horizons, a wholly owned entity of Aker Holdings that exercises active ownership in renewables and low-carbon solution companies, will take a 75pc equity stake in Mainstream, valuing it at €1bn including earn-out and subject to customary adjustments and the passing of certain milestones. The transaction is expected to close in the second quarter of 2021, subject to the usual regulatory approvals and approvals from Mains