#Norway #Aker Horizons #Fornebu #Mitsui #Mainstream Power

Aker Horizons Secures New Funding for Mainstream Renewable Power

In a significant move to bolster its growth strategy, Aker Horizons ASA has finalized new funding arrangements for Mainstream Renewable Power. This deal aligns with Mainstream's mission to expand its renewable energy initiatives across key markets, setting the stage for critical development in South Africa, Australia, and the Philippines.

Investment Details

The new financial backing from DNB ASA and co-shareholder Mitsui Co., Ltd. will facilitate Mainstream's updated strategic focus, emphasizing strong project execution and capital efficiency. Back in 2023, Mainstream secured access to a corporate facility amounting to USD 220 million, with a substantial portion—58.4%, equivalent to USD 129 million—secured through Aker Horizons as a shareholder loan. Disbursement of these funds will occur in phases, starting with USD 75 million available in April 2025, while an additional USD 53 million will be provided via an extended letter of credit facility, which is expected to transition to shareholder loans in the subsequent years.

Alongside this, new financing agreements have been established in the form of a shareholder loan facility, allowing for up to EUR 64 million, distributed in a pro-rata split of 70% from Aker Horizons and 30% from Mitsui. Furthermore, a letter of credit facility with DNB of the same amount will also be accessible, contingent on the achievement of specific milestones under Mainstream's revised strategic direction, with both facilities available until the end of 2026.

Strategic Market Focus

Mainstream is keenly concentrating on three principal markets—South Africa, Australia, and the Philippines—where it believes substantial value-creation opportunities exist. The company's approach aims at maximizing performance while minimizing costs, ensuring sustainable growth in renewable energy sectors. The collaboration with Aker and Mitsui is expected to reinforce their presence and operational efficiency in these markets.

Mainstream Renewable Power is recognized not just for its project execution capabilities but also for its extensive global footprint in renewable energy development. With a track record that includes constructing gigawatt-scale platforms across onshore and offshore wind, as well as solar energy production, the company has successfully delivered over 6.6 gigawatts of energy at a financial close-ready status. Currently, its portfolio boasts an impressive global project capacity of 22.7 gigawatts.

Conclusion and Future Outlook

As Aker Horizons continues to leverage its expertise in sustainable industrial assets and green energy solutions, the financial backing provided to Mainstream Renewable Power is poised to catalyze its growth and project delivery capabilities dramatically. This move not only signals investment confidence in renewable resources but also represents a significant step towards a sustainable future, aligning perfectly with global decarbonization efforts.

For further information, stakeholders and media can reach out to:

• - Jonas Gamre

- Investor Relations
- Phone: +47 97 11 82 92
- Email: [email protected]

• - Mats Ektvedt

- Media Relations
- Phone: +47 41 42 33 28
- Email: [email protected]

Originally published by Aker Horizons, the importance of this funding arrangement cannot be overlooked as it underpins Mainstream's ambitions to lead in the renewable energy sector.