A.P. Moller Capital agrees to acquire Mainstream South Africa unit

A.P. Moller Capital, a fund management company, has agreed, through its Emerging Markets Infrastructure Fund II (EMIF II), to acquire Mainstream Renewable Power South Africa in a deal aimed at strengthening its position in South Africa’s growing clean energy sector. The transaction will be executed via a special purpose vehicle and remains subject to regulatory and third-party approvals. 

Renewables platform with scale and pipeline

Founded in 2009, Mainstream South Africa has grown into one of the country’s more established independent renewable energy developers. The business operates across solar, wind and battery storage, with 148 megawatts of operating and under-construction assets, 351 megawatts of projects ready for construction, and a development pipeline of roughly 11.6 gigawatts.

For A.P. Moller Capital, the acquisition marks another step in expanding its infrastructure investments across emerging markets. The firm already holds interests in Africa, South Asia, and Southeast Asia, with investments spanning renewable energy, utilities, and transport-linked infrastructure. 

The company’s existing portfolio includes stakes in Lumika Renewables, Cabeólica, Eranove, Impala Energy, the East Africa Infrastructure Platform, Verdant Energy, and Rays Power Infra.

Mainstream SA renewable growth outlook

Mainstream South Africa operates as a fully integrated renewable energy business, handling development, energy trading, project execution, asset management, and long-term operations. Its customer base includes large industrial and commercial users, among them Sasol and Air Liquide, reflecting its exposure to South Africa’s heavy energy consumers. 

A.P. Moller Capital said it plans to work closely with the current management team after closing, with a focus on expanding generation assets, scaling energy trading activities, and advancing its project pipeline. The firm is also expected to support broader grid-linked renewable deployment as South Africa continues to address electricity shortages and aging coal infrastructure.

A.P. Moller Capital backs South Africa 

Jens Thomassen, partner at A.P. Moller Capital, described Mainstream South Africa as a “high-quality business” with a strong management team and one of the country’s largest renewable development pipelines. He said rising electricity demand and capacity constraints make new investment in generation critical, adding that the deal strengthens the firm’s long-term strategy in the energy transition space. 

Julie Berg, chief executive of Mainstream Renewable Power, said the South African business will benefit from A.P. Moller Capital’s infrastructure expertise as the group narrows its geographic focus. She added that the local team is well positioned to advance the project pipeline under new ownership. 

Established in 2017, A.P. Moller Capital manages about $2 billion in assets under management. It is part of the A.P. Moller Group and focuses on infrastructure investments that support essential services across emerging economies.