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Aker Horizons and Mitsui secure €128mn funding for Mainstream

Aker Horizons and Mitsui have finalised a structured financing agreement with DNB to support Mainstream Renewable Power’s targeted strategy in South Africa, Australia and the Philippines.

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Aker Horizons ASA has finalised new financing arrangements for Mainstream Renewable Power with DNB ASA and co-shareholder Mitsui & Co., Ltd. The transaction aims to support the execution of Mainstream’s redefined strategy, now focused on three core markets: South Africa, Australia and the Philippines.

A multi-layered funding structure

In 2023, Mainstream Renewable Power secured a credit facility of up to USD 220mn from DNB, backed by its shareholders. Aker Horizons’ share of this commitment stands at 58.4%, equivalent to USD 129mn, structured as a shareholder loan. This financing will be disbursed in stages: USD 75mn in April 2025, followed by USD 53mn via an extended letter of credit facility, which is expected to be converted into shareholder loans in 2025 and 2026.

Conditional commitments through to end-2026

Additionally, a second funding agreement has been established: a shareholder loan facility of up to €64mn, distributed 70% by Aker Horizons and 30% by Mitsui. This is complemented by a letter of credit facility of equal value, also backed pro-rata by both shareholders. Disbursements will be available through to the end of 2026, subject to the achievement of agreed milestones under Mainstream’s updated strategy.

Strategic focus and financial discipline

According to Aker Horizons, the funding package will allow Mainstream Renewable Power to reinforce capital discipline while operating with a leaner cost structure and targeted project execution in areas deemed most promising for value creation. The group thereby reaffirms its intention to streamline efforts according to operational and geographic priorities, backed by a scalable funding structure.

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