The deal, which is subject to shareholder approval, represents the largest single equity investment in Marubeni’s five and a half year history. As part of the agreement Marubeni obtains the right od representation on the Mainstream board of directors, alongside Barclays which invested in the company in 2008.

Both companies will work to grow Mainstream’s key projects across multiple jurisdictions. Marubeni Corporation already has business interests in the renewables sector globally, including the offshore wind industry in Europe and the electricity supply business in the UK.

Since it was established in 2008, Mainstream has a built a global pipeline of more than 19,000 megawatts of wind and solar projects across four continents with plant currently in construction and operation in Ireland, South Africa, Chile and Canada. The company has recently made a number of strategic announcements, including the receipt of onshore planning consent for its 450 MW offshore wind farm in Scotland and the signing of a US$1.4 billion deal with Actis to develop a wind and solar platform in Chile. Earlier this year Mainstream received a grid connection from National Grid for its Energy Bridge to build and export 5,000 MW of wind energy from Ireland to the UK starting in 2018.

In Europe, through a joint venture with Siemens Financial Services, Mainstream is developing the Hornsea 6,000 MW offshore project which is located off the Yorkshire coast of England, and also independently developing Neart na Gaoithe, a 450 MW project off the coast of Scotland. In South Africa, Mainstream has a development portfolio in excess of 5,000 MW.

“I am delighted to be working with a company like Marubeni where their strategic mission and values are so closely aligned to Mainstream’s,” said Mainstream Renewable Power’s chief executive, Eddie O’Connor. “This investment is a game-changer for Mainstream, allowing us to focus on accelerating our project portfolios across a range of markets as well as entering into new strategic jurisdictions which present strong value opportunities for our business.”

“Marubeni is delighted to seize the opportunity with the right company at the right time in the global renewable energy businesses,” added Hiroshi Tachigami, president of Marubeni Europower, based in London. “This is a strong partnership as Mainstream and Marubeni sees our future overlap in many areas. We are excited to work together complementing each other in where we need including entry into new market territories, delivery of pre-consenting projects, structuring capital solutions, all of which are vital in accelerating the growth of Mainstream and Marubeni Power.”