A.P. Moller Capital, through its Emerging Markets Infrastructure Fund II (EMIF II), has signed an agreement to acquire Mainstream Renewable Power South Africa, a developer and independent power producer that has become a cornerstone of the renewable energy sector.
Details of the deal and Mainstream’s portfolio
The acquisition will be carried out via a special purpose vehicle, a structure commonly used for large‑scale transactions. The company, founded in 2009, operates a fully integrated platform that handles development, energy trading, project delivery, asset management, and operations and maintenance.
According to the filing, it currently has 148 MW of operating and under‑construction assets and 351 MW of projects that are ready to build. Its development pipeline totals about 11.6 GW, spanning solar, wind and battery storage projects.
Customers include major industrial firms such as Sasol and Air Liquide, highlighting the firm’s role in supplying reliable power to energy‑intensive users.
Strategic fit for A.P. Moller Capital
The transaction expands A.P. Moller Capital’s footprint in Africa’s energy transition. The firm already holds stakes in Lumika Renewables, Cabeólica, Eranove, Impala Energy, the East Africa Infrastructure Platform, Verdant Energy and Rays Power Infra, covering a range of sectors across Africa, South and Southeast Asia.
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“Mainstream South Africa is a high‑quality business with an experienced management team, a proven track record and one of the country’s largest renewable energy development pipelines,” said Jens Thomassen, Partner at A.P. Moller Capital. “As power demand and the need for new generation capacity continue to grow, this investment strengthens our energy transition strategy and supports our ambition to build a leading independent power producer in South Africa.”
Julie Berg, Chief Executive Officer of the company, added, “We are pleased that Mainstream South Africa will become part of EMIF II’s portfolio, with A.P. Moller Capital supporting the business in its next phase of growth.” She noted that the South African unit will benefit from an experienced infrastructure investor as Mainstream Renewable Power narrows its geographic focus.
After the deal closes, A.P. Moller Capital plans to work with the existing management team to broaden the operating portfolio, deepen energy trading activities, and move forward the pipeline of renewable projects. The transaction still requires regulatory and other customary approvals.
South Africa remains a key market for renewable investment, driven by rising electricity demand, a gradual phase‑out of coal‑fired generation, and ongoing regulatory reforms that aim to increase private sector participation in power generation.
Regulators have not yet issued a final decision, but the transaction aligns with the country’s policy direction toward greater private involvement in electricity generation. If approved, the deal would mark one of the larger foreign‑direct investments in the nation’s renewable sector in recent years.
