Marubeni Corporation, the Japanese trading house, has agreed to invest up to €100 million in Mainstream Renewable Power (Mainstream) in exchange for a stake of around 25 percent.
Mainstream is an Ireland-headquartered developer of offshore wind, onshore wind and solar power businesses. It specialises in the development stage of projects including securing land, analysing wind and obtaining approvals.
Established in 2008, Mainstream now has a portfolio accounting for more than 19,000 megawatts (MW) and has operations in Ireland, the UK, Germany, South Africa, Chile, the US and Canada.
The firm has two joint ventures with investment groups. It teamed with Siemens Financial Services to develop the 6,000MW Hornsea offshore project, off England’s Yorkshire coast. It is also constructing and operating a $1.4 billion wind and solar platform in Chile in partnership with Actis, the private equity and infrastructure fund manager.
Marubeni is the largest independent power producer (IPP) in Japan, with a total gross capacity of approximately 33,000MW. The firm took an equity stake in the UK’s Gunfleet Sands offshore wind farm in 2011 and acquired UK-based offshore wind installer Seajacks International in May 2012.
Macquarie Capital acted as adviser to Mainstream on the Marubeni deal, which is currently subject to shareholder approval.