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Aker has announced that its wholly owned subsidiary, Aker Horizons has agreed to acquire 75 percent of Mainstream Renewable Power (Mainstream). Existing Mainstream shareholders, led by founder and chairman Dr. Eddie O’Connor, will re-invest and retain 25 percent ownership.
 
The deal values Mainstream at € 1 billion (including a potential earn-out of up to € 100 million in 2023 and subject to customary adjustments). Under the terms of the agreement, the company will continue to operate as Mainstream, led by its CEO Mary Quaney. Eddie O’Connor will remain as Chairman, retaining a significant minority interest in the business and all existing shareholders will have the opportunity to reinvest alongside him ahead of a planned IPO of Mainstream within the next two to three years. The Transaction is expected to close in Q2 2021, subject to customary closing conditions, including regulatory approvals, as well as approvals from Mainstream’s creditors. The Transaction gives Aker Horizons a portfolio of projects in operation and under construction of about 1.4GW, a project development pipeline of about 10GW and a further 10GW of identified project opportunities.
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