Marubeni to buy stake in Irish green energy developer

Will invest US$133 million in Mainstream Renewable Power.

The deal with Marubeni Corporation represents the largest single equity investment in Mainstream's history if approved by the company's shareholders. Marubeni will also become the second largest shareholder in the company.

Marubeni has emerged as one of the world's leading renewable energy developers in recent years. Marubeni has massively increased its renewable energy portfolio in just two years.

It purchased DONG Energy's 49.9% share in the 172 MW Gunfleet Sands offshore wind farm and offshore engineering firm Seajacks. It is also involved in a floating wind turbine project off the coast of Fukushima and geothermal energy projects in Japan.

Marubeni and Mainstream said they would work together to accelerate the development of Mainstream's portfolio, which includes a pipeline of more than 19 GW of wind and solar projects in four continents, and sites currently in construction and operation in Ireland, South Africa, Chile and Canada. It also has a share in the UK's Hornsea Round 3 offshore wind zone.

Mainstream CEO Eddie O'Connor said this investment is a game-changer for Mainstream, allowing it to focus on accelerating its project portfolios across a range of markets and entering into new strategic jurisdictions that present strong value opportunities for their business.