Kibo Energy seeks to buy 20-GW renewables pipeline in Europe, Africa
Sep 16, 2024 17:21 CESTAker Horizons ASA (FRA:7QF), the majority-owned renewables platform of Norway’s Aker ASA (FRA:FKM), has wrapped up its acquisition of global wind and solar developer Mainstream Renewable Power Ltd.
The transaction valued 100% of the target at EUR 900 million (USD 1.09bn) and gave Aker Horizons a 75% stake in it as Mainstream’s existing shareholders re-invested to retain a 25% interest. Preparations have been initiated for a potential initial public offering (IPO) at Mainstream within the next three years, the buyer said on Tuesday.
At present, Mainstream has 1.4 GW of solar and wind projects in operation and under construction along with a project development pipeline of about 12.5 GW, which is over 1 GW more than at the time of announcing the deal in January 2021. The company expects to achieve financial close for 5.5 GW of renewable energy assets globally by 2023.
Kristian Rokke, CEO of Aker Horizons, commented that the investor plans to develop Mainstream into a renewable energy major, focusing on scale in selected markets around the world.
“We envisage growing our business across all of our platforms, while working with Aker Horizons to develop new routes to new customers in new markets,” in turn said Mary Quaney, CEO of Mainstream.
The transaction also provided Aker Horizons with an interest in SuperNode. The investment platform and Eddie O’Connor, founder of the superconductor cables developer, now each hold a 45.6% stake in the firm. The rest is held by employees.
SuperNode’s technology allows for connecting offshore wind farms efficiently with markets over longer distances.
(EUR 1.0 = USD 1.213)
Kibo Energy seeks to buy 20-GW renewables pipeline in Europe, Africa
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