Norwegian renewable energy investment firm Aker Horizons has agreed a deal to take a 75% stake in global wind and solar company Mainstream Renewable Power.

The deal values Mainstream at about €1 billion, the company said today.

Mainstream was set up by Irish businessman Eddie O'Connor over ten years ago and ahead of the deal he still held 55% of the company.

The company has significant interests across Latin America, Asia-Pacific and Africa, as well as in the global offshore wind sector, with over 1.2 GW of major capital projects currently under construction. 

It has a major market presence in Chile, Africa, and Vietnam, as well as assets in development in other countries including the Philippines, Australia, and Colombia.

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. 

"This partnership is the crucial next step in the vision we set out for Mainstream in 2008 to lead the global transition to renewable energy and rid the world of CO2 emissions," Dr Eddie O'Connor said in a statement.

"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," he added. 

Mainstream has developed several wind and solar projects globally including Britain's Hornsea 2 offshore wind project before selling it in 2015. It has 335 employees across 11 countries. 

Aker Horizons is owned by investment company Aker. 

Under the terms of the agreement, the company will continue to operate as Mainstream, led by its CEO Mary Quaney. Eddie O'Connor will remain as Chairman and will retain a significant minority interest in the business.

The company said that all existing shareholders will have the opportunity to reinvest alongside him ahead of a planned IPO of Mainstream within the next two to three years.

Also as part of the deal, Aker Horizons will acquire a 50% holding in SuperNode, a technology company which designs and develops superconductor cables to address the significant future need for higher capacity cables with lower power loss. 

SuperNode was founded by Eddie O'Connor in 2018 and its technology enables connecting offshore wind production efficiently with markets over longer distances.