Norwegian renewable energy investment firm Aker Horizons has agreed to take a 75% stake in global wind and solar company Mainstream Renewable Power, in a deal valuing Mainstream at about 1 bln euros, Mainstream said on Tuesday.
Mainstream said the investment would help accelerate its plans to bring 5.5 gigawatts of renewable projects to financial close by 2023 ahead of a planned IPO.
"It means we can widen our scope for entry into new markets and further deepen and expand our leadership position in existing ones, such as in Chile where we will soon be supplying the equivalent of one in seven Chilean homes with power," Mainstream’s founder and chairman, Dr Eddie O’Connor, said in a statement.
Mainstream has developed several wind and solar projects globally including Britain's Hornsea 2 offshore wind project before selling it in 2015.
Aker Horizons is owned by investment company Aker ASA.
(Reporting By Susanna Twidale Editing by Robert Birsel)