- Mainstream Renewable Power has announced a major leadership transition as the company continues to grapple with a deepening controversy surrounding its South African projects under the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) Bid Window 5.
This week, CEO Morten Henriksen confirmed he will step down to pursue other opportunities. The company’s Board has appointed Julie Berg, currently CFO, as the new Group CEO, effective January 2026. Berg, who joined in 2024, has been credited with spearheading Mainstream’s strategic transformation, including the relocation of its headquarters from Dublin to Oslo. Prior to Mainstream, she held senior roles at Aker Carbon Capture (now SLB Capturi) and KPMG.
Mainstream, founded in 2008, has built a global profile developing utility-scale wind and solar projects across developing markets and has delivered 6.6 GW of assets to financial close-ready status. The company is majority-owned by Aker Horizons, with Mitsui & Co. joining as a strategic investor in 2022.
But the leadership news comes at a turbulent moment for the company’s South African portfolio.
A recent High Court judgment has ordered the Ikamva Consortium, led by Mainstream and including Globeleq, Africa Rainbow Energy & Power, H1 Holdings, and local community trusts, to pay R164.8 million in bid bond guarantees to the government’s IPP Office.
The dispute stems from REIPPPP Bid Window 5, where Ikamva was named preferred bidder for no less than 12 renewable-energy projects (six wind, six solar) out of a total of 25 projects awarded. As part of bid requirements, the consortium posted bank guarantees totaling R254.8 million, backed by ABSA.
Related news: IPP’s must shoulder blame for delayed outcome in REIPPPP Bid Window 5
After Ikamva failed to meet required conditions to reach commercial close, the Department of Mineral Resources and Energy terminated their preferred-bidder status in October 2024 and demanded payment on all guarantees. Ikamva challenged the action, arguing that the guarantees had expired.
The court ruled the solar project guarantees had indeed expired and could not be claimed. However, the guarantees for the wind projects remain valid, as no Implementation Agreements had been signed. The court therefore allowed the department to call on the wind guarantees.
Bid Window 5 has long been shadowed by allegations of procedural irregularities and political interference. Of the 25 preferred bidders announced in 2021:
- 21 shared the same BBBEE partner, H1 Holdings, including Mainstream (12 projects), Scatec (3), EDF (3), and Red Rocket (3).
- Many of the winning projects were not shovel-ready, lacking key permitting such as Environmental Impact Assessments and grid-connection approvals.
- Only 11 of the 25 projects ultimately reached commercial close.
These failures raised questions over the competence of the IPP Office under then-head Bernard Magoro and, more broadly, the oversight of the Ministry of Mineral Resources and Energy led at the time by Gwede Mantashe.
South Africa’s current Minister of Electricity and Energy, Dr Kgosientsho Ramokgopa, has defended the aggressive enforcement of bid bonds, describing it as essential to maintaining the credibility of the procurement programme.
“These bid bonds are legally binding documents—we are going to pull them,” he said, signalling frustration with developers who failed to meet contractual deadlines. “If we land in court, let’s land in court. We must stick to the rules of this programme.”
Related news: Mainstream’s CEO Eddie O’Conner resigns after making deplorable comments about the African renewable energy sector
With Mainstream now preparing for Berg’s leadership, industry observers note that the company faces a dual challenge: navigating its reputational risks in South Africa while continuing to pursue its growth strategy in core markets such as Chile and South Africa.
Berg’s familiarity with Mainstream’s operations, along with her transformation experience, positions her to steer the company through both its internal restructuring and the external scrutiny brought on by the high-stakes dispute in one of Africa’s most important renewable-energy markets.
Author: Bryan Groenendaal
