End of an era: new CEO and green power icon Mainstream quits Dublin to save costs
Developer names former Gassnova chief as successor to Mary Quaney and will move HQ to Oslo
Green energy developer Mainstream Renewable Power has named a new CEO and will relocate its headquarters from Ireland to Norway as part of a cost-cutting drive.
Mainstream will from 1 April be led by Morten Henriksen, previously CEO of Norwegian state-run carbon capture and storage agency Gassnova.
Mary Quaney, CEO at Mainstream since 2020, will stay on as an adviser before leaving to “pursue other interests” later this year, said a statement from the developer that’s owned by Norwegian industrial giant Aker.
Mainstream is also set to move its HQ from Dublin to Oslo in the first half of the year “in order to reduce costs and leverage the resources of its majority shareholder Aker Horizons”, added the statement.
Aker bought a 75% share in Mainstream in 2021.
The move comes as Mainstream embarks on a drive to slash costs by 65% by 2026 against 2023 levels.
Formerly active on every continent, Mainstream is currently focusing its efforts on three markets: South Africa, Australia, and the Philippines.
Mainstream chairman Kristian Røkke said: “As we enter a new phase, Morten brings extensive experience and deep sector expertise to position Mainstream for growth. His leadership will be instrumental in executing the company’s strategy and driving Mainstream’s growth in the global energy market.”
Henriksen said: “Mainstream is well positioned for the opportunities ahead. I am very excited about implementing our vision to build a lean and focused renewable energy company, leading in our core markets and creating value through strong project execution, a lean cost base and capital efficiency.”
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