Norwegian Aker ASA's €1.2bn loss due to Mainstream Renewable deal

Norwegian billionaire Øyvind Eriksen's Aker ASA bought a 75% stake in Mainstream Renewable Power in January 2021, valuing the Irish business at €900 million. However, the deal has turned sour, with Mainstream posting a €670 million net loss last year, driven by impairment charges against assets in Chile. The deal was seen as a springboard to float Aker Horizons, but investors who backed Mainstream's founder Eddie O'Connor have been left with substantial losses.