Marubeni to buy 25% stake in Mainstream Renewable Power

Japanese trading company Marubeni is set to acquire about 25% stake in renewable energy company Mainstream Renewable Power through a €100m equity investment deal.

The agreement, touted as a long-term strategic collaboration, is aimed at accelerating Mainstream’s clean energy projects across different territories.

Following the deal execution, Marubeni will hold the second largest stakeholder position in Mainstream.

Mainstream Renewable Power chief executive Eddie O’Connor said the company is delighted to have partnered Marubeni, who share similar strategic mission and values as that of Mainstream.

"This investment is a game-changer for Mainstream allowing us to focus on accelerating our project portfolios across a range of markets as well as entering into new strategic jurisdictions which present strong value opportunities for our business," added O’Connor.

"Having grown our company in the midst of the global financial crises, this type of long-term strategic investment is true testament to the strength and experience of our team as well as the quality and spread of our global project portfolio."

Mainstream owns a portfolio comprising more than 19,000MW of wind and solar projects across four continents with several plants in construction and operation stages in Ireland, South Africa, Chile and Canada.

Marubeni Europower president Hiroshi Tachigami noted: "We are excited to work together complementing each other in where we need including entry into new market territories, delivery of pre-consenting projects, structuring capital solutions, all of which are vital in accelerating the growth of Mainstream and Marubeni Power."

Mainstream has recently inked a $1.4bn agreement with Actis to develop a wind and solar project in Chile.

In addition, the renewable company has secured a grid connection nod from National Grid for its Energy Bridge to build and export 5,000MW of wind energy from Ireland to the UK, starting in 2018.