Linklaters advises Mainstream Renewable Power in €1 billion equity investment deal with Aker Horizons

Linklaters has advised global wind and solar company, Mainstream Renewable Power, on its agreement with the renewable energy investment company Aker Horizons (a wholly owned subsidiary of Aker ASA) which will take a 75% equity stake in the company.

The company has significant interests across Latin America, Asia-Pacific and Africa, as well as in the global offshore wind sector, with over 1.2 GW of major capital projects currently under construction. Mainstream has a major market presence in Chile, Africa, and Vietnam, as well as assets in development in other countries including the Philippines, Australia, and Colombia.

The deal values Mainstream at EUR1 billion and paves the way for a rapid acceleration of Mainstream’s global expansion plans to bring 5.5 Gigawatts (GW) of wind and solar assets to financial close by 2023.

Michael Honan, partner at Linklaters (Mainstream Corporate, London) commented:

“This deal will allow Mainstream to materially accelerate its growth plans to deliver a global portfolio of wind and solar assets and sets it on track to becoming one of the world’s first pure-play renewable energy majors.”

Jeremy Gewirtz, partner at Linklaters (Energy & Infrastructure, London):

“We are delighted to have helped the team at Mainstream with this transaction. Although we are only a couple of weeks into the new year, it is clearly going to be a stand-out deal in the renewables sector for 2021.”

The Linklaters team was led by partners Jeremy Gewirtz (Energy & Infrastructure, London), Michael Honan (Mainstream Corporate, London) with managing associates Nicholas Howarth (Energy & Infrastructure, London), Thomas Ford (Mainstream Corporate, London), associates Catherine Yuen (Mainstream Corporate, London) and Bella Sullivan (Energy & Infrastructure, London).

The deal is subject to regulatory approval.