Mainstream Renewable Power has announced the closing of the EUR 100 million equity investment by global Japanese trading company Marubeni Corp. The deal, which was announced in August, has been approved by Mainstream's shareholders and makes Marubeni the largest institutional investor in Mainstream with a minority stake of approximately 25%.
‘We have hundreds of megawatts of wind and solar projects currently in construction across Ireland, South Africa, Chile and Canada, and this investment will fund the build-out of further projects as well as [allow] Mainstream to become a more significant asset owner in our projects,’ comments Eddie O'Connor, Mainstream's chief executive.
Mainstream says the deal signifies a long-term strategic alliance for both companies, and they will work closely together to accelerate Mainstream's key projects across multiple jurisdictions. Marubeni Corp. already has global business interests in the renewables sector, including the offshore wind industry in Europe and the electricity supply business in the U.K.