Mainstream Renewable PowerFriday, 14 May 2021
ByrneWallace LLP is delighted to have acted as an Irish legal adviser for the global wind and solar company Mainstream Renewable Power on the closing of its acquisition by Norwegian company Aker Horizons (a wholly owned subsidiary of Aker ASA). Existing Mainstream shareholders have re-invested and retain 25 percent ownership in the company. As part of the transaction, Aker Horizons also acquired an interest in superconductor technology company SuperNode.
The transaction values the current equity of Mainstream at €900 million on a 100 percent basis and gives Aker Horizons a portfolio of solar and wind projects in operation and under construction of about 1.4 GW and a project development pipeline of about 12.5 GW.
The ByrneWallace team who advised on this transaction was led by Neil Keenan, Head of the ByrneWallace LLP Corporate group. Commenting on this transaction Neil Keenan said “We were delighted to have advised Mainstream Renewable Power on this landmark transaction. Congratulations to all in Mainstream on this terrific achievement.” Neil has acted for Mainstream since it was founded in 2008.
Mary Quaney, Group Chief Executive of Mainstream said, “The support of our professional advisers was essential to successfully complete this transaction. I am grateful to the team at ByrneWallace, led by Neil Keenan, for working with us from the earliest stages of this process. We are looking forward to a period of sustained growth and I anticipate that ByrneWallace will continue with us on that journey.”
The team also included Gavin Blake (Partner and Head of Energy and Natural Resources), Eamonn Carey (Senior Associate, Corporate), Zelda Deasy (Senior Associate, Corporate and GDPR), and Kelly Mackey and Philip O’Leary (Solicitors, Corporate).
A separate team in ByrneWallace LLP led by Corporate partner Catherine Dowling and which included Catherine Finn (Solicitor, Corporate) acted for SuperNode Limited, a technology company that designs and develops superconductor cables to address the significant future need for higher capacity cables with lower power loss. SuperNode was founded by Dr Eddie O’Connor in 2018. At closing, Aker Horizons and Dr O’Connor will hold 45.6 percent of the shares each in SuperNode.
For more information on this transaction and to view Mainstream Renewable Power’s press release click here.
Further press coverage for this transaction, includes: