Stock Exchange Notices


Mainstream Renewable Power concludes reorganization process in Chile

· Reorganization of Condor and Huemul portfolios provides stable financial foundation for Andes Renovables platform
· Terms for c. USD 1.0 billion project senior debt re-negotiated
· Commitment by Mainstream of USD 145 million in new secured loans
· Existing mezzanine debt re-negotiated and restructured
· Funds managed by affiliates of Ares Management become minority equity owner in Andes Renovables platform
· Mainstream secures new corporate financing facility of up to USD 220 million from DNB, backed by shareholders

Reference is made to previous announcements by Aker Horizons ASA (“Aker Horizons”) regarding the initiation by Mainstream Renewable Power (“Mainstream”, “the Company”) of Judicial Reorganization Proceedings for Condor Energía SpA and Huemul Energía SpA (“Condor”, “Huemul”, the “Energía companies”) in Chile. Mainstream today announced the conclusion of the proceedings for the Energía companies, part of the Company’s 1.4 GW Andes Renovables wind and solar platform, with agreement reached with project finance and mezzanine lenders, which also resolves any outstanding litigation related to the restructuring.

Judicial Reorganization Proceedings were initiated by Mainstream in July 2023 to restructure the assets and the capital structure, renegotiate the financial debts, and to allow for an injection of new capital into the Energía companies.

The implementation of the reorganization plan will stabilize and provide a sound financial foundation for the Condor (591 MW) and Huemul (630 MW) wind and solar portfolios. The agreement reached for the senior debt includes a deferral period for interest until the third quarter of 2026, and a deferral of principal payments until 2027 for Condor and 2029 for Huemul, in addition to other concessions. Mainstream commits to inject USD 145 million into the Energía companies through a Payment-In-Kind (PIK) interest-bearing debt instrument that matures in 2035, on a junior basis to the project finance debt, but senior to the mezzanine debt. In agreement with the lenders, approximately USD 150 million in proceeds from interest swap termination will be available to Mainstream to repay project-level debt and provide liquidity for Condor and Huemul.

The existing mezzanine debt related to Condor and Huemul has been restructured and will earn PIK interest and mature in 2035. The existing mezzanine debt related to Copihue (148 MW) will remain with the terms also renegotiated to apply PIK interest and mature in 2035. As part of the negotiations, funds managed by affiliates of Ares Management, the mezzanine lenders, will hold a minority equity interest in the Andes Renovables platform, while Mainstream retains majority ownership.

Mainstream’s Chief Executive Mary Quaney said: “We are very pleased to have successfully concluded this restructuring process and I wish to sincerely thank the senior and mezzanine lenders for their commitment and support during this challenging process, which demonstrates their confidence in the long-term strength and sustainability of the Energía companies. We look forward to continuing to work with government and industry in Chile to address the prevailing distortions in the market in order to secure a fair and level playing field for all forms of electricity generation in the future.”

The injection of new capital into the Energía companies will be facilitated through a new guarantee and cash facility of up to USD 220 million from DNB, subject to certain conditions. The facility is backed by Mainstream shareholders and will serve various purposes, including to fulfil Mainstream’s obligations connected to the restructuring in Chile. Mainstream shareholders have expressed their full support to Mainstream and the reorganization.

PJT Partners LP acted as restructuring advisors to Mainstream.


For further information, please contact:

Marianne Stigset, Communications, Tel: +47 41 18 84 82,

Stian Andreassen, Investor Relations, +47 41 64 31 07,

About Aker Horizons

Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy, carbon capture and hydrogen and develops industrial-scale decarbonization projects. As part of the Aker group, Aker Horizons applies industrial, technological and capital markets expertise with a planet-positive purpose to drive decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Across its portfolio, the company is present on five continents.

About Mainstream Renewable Power

Mainstream Renewable Power is a leading pure-play renewable energy company, with wind and solar assets across global markets, including in Europe, Latin America, Africa, and Asia-Pacific. Mainstream is one of the most successful developers of gigawatt-scale renewables platforms, across onshore wind, offshore wind, and solar power generation. It has successfully delivered 6.5 GW of wind and solar generation assets to financial close-ready and has a global pipeline of 20.8 GW, with 1.1 GW in operation.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements in Regulation EU 596/2014 and the Norwegian Securities Trading Act § 5-12. This stock exchange announcement was published by Marianne Stigset, Communications, Aker Horizons ASA, on 14 November 2023 at CET 18:30