- A.P. Moller Capital’s EMIF II has received conditional approval to acquire Mainstream Renewable Power South Africa.
- Mainstream South Africa has 148 MW of operating and construction assets, 351 MW of construction ready projects and an 11.6 GW development pipeline.
- The transaction is not expected to substantially lessen competition, but requires an historically disadvantaged persons transaction in one of the South African subsidiaries.
The South African Competition Commission has recommended that the Competition Tribunal approve A.P. Moller Capital’s proposed acquisition of Mainstream Renewable Power South Africa, subject to conditions aimed at addressing public interest considerations.
A.P. Moller Capital’s Emerging Markets Infrastructure Fund II, through its special purpose vehicle EMIF II Holding VII Coöperatief W.A., agreed in June 2026 to acquire Mainstream South Africa, one of the country’s established renewable energy developers and independent power producers.
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The target business comprises Mainstream Renewable Power’s South African operations, including Shareholding SPV (RF) Proprietary Limited, Luxembourg Mainstream Renewable Power S.à r.l., Solis Trading Holdco Proprietary Limited and Mainstream Asset Management South Africa Proprietary Limited.
The Commission found that the proposed transaction is unlikely to substantially lessen or prevent competition in any relevant market.
However, to address public interest concerns, the acquiring firm will be required to implement an historically disadvantaged persons transaction in respect of one of the South African subsidiaries within a specified period following implementation of the transaction.
Mainstream South Africa was established in 2009 and has developed an integrated renewable energy platform covering project development, energy trading, project delivery, asset management and operations and maintenance.
The company currently has 148 MW of operating and in construction assets, a further 351 MW of construction ready projects and a development pipeline of approximately 11.6 GW across solar, wind and battery energy storage opportunities.
Its renewable energy activities include the development, ownership, operation and management of utility scale solar PV and wind projects. The company also supplies, or intends to supply, renewable electricity to corporate and industrial customers through power purchase agreements and other renewable energy supply arrangements.
Mainstream’s solar activities are concentrated primarily in the Free State, with projects at earlier stages of development in the Northern Cape and Western Cape.
A.P. Moller Capital brings an established African energy investment portfolio to the transaction, including investments in Lumika Renewables in South Africa, Cabeólica in Cabo Verde, Eranove across West Africa, Impala Energy in Nigeria and the East Africa Infrastructure Platform in Kenya. Its wider emerging markets portfolio also includes Verdant Energy in Southeast Asia and an announced investment in Rays Power Infra in India, which remains subject to completion.
In South Africa, the acquiring group is primarily active through A.P. Møller Maersk A/S and its controlled entities. These businesses are involved in the development, financing, ownership, operation and installation of distributed solar PV solutions for commercial and industrial customers, as well as rooftop solar PV systems for retail centres, offices and factories, including systems incorporating energy storage.
Following completion, A.P. Moller Capital is expected to work with Mainstream South Africa’s existing management team to expand its operating portfolio, grow its energy trading activities and support further development of its renewable energy pipeline.
The Competition Commission’s recommendation now proceeds to the Competition Tribunal for consideration, with the transaction remaining subject to the required regulatory and third party approvals.
Author: Bryan Groenendaal
