REC Acquires Stake In Mainstream

Renewable Energy Corporation ASA (REC) has made a US $40 million investment to acquire a 20% stake in Mainstream Energy LLC (MSE), a solar systems integration and distribution company. MSE serves different customer segments through its two operating companies, AEE Solar Inc. and REC Solar Inc.

Under the agreement between REC and the current shareholders of MSE, REC can increase its shareholding to a majority position through options that can be exercised over the next three years. The specific terms and conditions in any subsequent transactions are dependent on the future performance of MSE. MSE expects sales revenues in 2008 of approximately US $160 million.

“Our investment in Mainstream Energy is both a reflection of the increasing importance of the US market and our ambition to take a more active role in building robust and scalable market channels as a basis for further growth,” said Erik Thorsen, President and CEO of REC.
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