Mainstream Renewable Power’s long-standing investors have reinvested and retained a 25 per cent stake in the wind and solar energy group as Norwegian investments company Aker closed a deal to take control of the business in a transaction that values it at up to €1 billion. The deal, originally unveiled in January, includes a potential €100 million payment in 2023 if certain performance conditions are met. It valued Mainstream founder and chairman Eddie O’Connor’s 55 per cent stake at as much as €550 million. Aker Horizons, which is focused on renewable energy and green technology, has taken a 75 per cent stake and existing investors in Mainstream, led by Mr O’Connor, have reinvested some of the proceeds to retain a 25 per cent stake in the business. Mainstream declined to comment on the exact stake Mr O’Connor has retained in the company.

Source: The Irish Times May 11, 2021 15:45 UTC