Marubeni to buy Mainstream stake

Bloomberg

Marubeni Corp. will pay as much as €100 million ($133 million) for a holding in Ireland’s Mainstream Renewable Power Ltd. and take another 50 percent stake in a subsidiary of GDF Suez SA.

The trading house is already partners in a floating wind turbine project off the coast of Fukushima Prefecture and is working to revive the country’s geothermal industry.

The Tokyo-based company will acquire about 25 percent in Mainstream, becoming its second-largest shareholder, according to a Monday statement from Marubeni. Mainstream, set up in 2008, has developed more than 19,000 megwatts of solar, offshore and onshore wind projects in seven countries, the statement said.

Marubeni has also signed a strategic partnership with GDF Suez, a French power and gas utility, for half of National Power International Holdings B.V. National Power International holds GDF’s thermal and renewable power projects in Portugal.

No financial terms were disclosed Monday, although the Nikkei newspaper on Saturday said Marubeni will pay as much as ¥50 billion ($506 million).