Mainstream Renewable Power announces €575m investment

Wind and solar energy group gets backing from Mitsui

Mainstream Renewable Power, the wind and solar energy group founded by Eddie O'Connor, has raised a further €575 million in investment, valuing the company at €2.1 billion.

The investment by Mitsui & Co is designed to support the company's growth in renewable energy worldwide, strengthening it into a renewable energy major. Mitsui will take a 27.5 per cent equity stake in the group, with the remaining 18.1 per cent to be held by Mr O'Connor and Irish retail investors. The deal is expected to close in April.

The investment will see the Japanese firm becoming a long-term active investor alongside Aker Horizons. The latter took a 75 per cent stake in Mainstream in January 2021, and will own 54.4 per cent of the company following the transaction.

Mitsui, which also has significant assets in operation or under development in Latin America, Africa and Asia, has access to a global business network and wide-ranging industrial capabilities.


Mainstream says this will support its expansion into new high-growth markets, broadening its routes to markets and augmenting its energy solutions capabilities including battery storage and power trading.

"There has never been a more critical time in the history of our planet to accelerate the global transition to renewable energy. Today's transformational announcement reinforces Mainstream's leadership position in the global race to net zero as well as enabling nations to rapidly reduce their dependence on oil and gas imports through the large-scale deployment of renewables," said Mary Quaney, group chief executive of Mainstream Renewable Power. "We are delighted to welcome Mitsui as our new strategic partner alongside Aker Horizons. Together we are fully focused on expediting our ambitious growth plans and leveraging our collective expertise and resources to transform Mainstream into a global renewable energy major this decade."

Business clusters

The three companies aim to promote and develop strong business clusters in the renewable energy market, with Mitsui’s investment paving the way for collaborations in areas such as energy trading and management, battery storage, as well as green hydrogen and ammonia.

"We are convinced that the participation in Mainstream will further strengthen the strategic partnership between the Aker group and Mitsui, driving forward our renewable energy transition and greenhouse gas reduction in response to global climate change," said Kazumasa Nakai, chief operating officer with Mitsui.

Mainstream, set up by Mr O'Connor in 2008 after the sale of the Airtricity business he had developed, has secured several strategic wins in recent months, including winning preferred bidder status of projects with a combined capacity of 1.27 gigawatt in South Africa; launching the 1 gigawatt Nazca Renovables platform in Chile and securing an investment decision from the provincial government of Soc Trang relating to the 1.4 gigawatt offshore wind project in Vietnam.

The company is also in the process of constructing the 1.37 gigawatt Andes Renovables platform in Chile, which is on track to complete construction by 2023.

Mainstream has raised more than €3 billion in project finance to date and employs 485 people across five continents.

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist