The shareholders of Mainstream Renewable Power (“Mainstream”) and Aker Offshore Wind have entered an agreement to combine the two companies to create a stronger renewable company with a 27 GW portfolio across solar, onshore wind and bottom-fixed and floating offshore wind projects.
Aker Horizons entered into an agreement with Aker Mainstream Renewables, a holding company co-owned by Aker Horizons, Mitsui & Co., Ltd. and Irish minority shareholders, to integrate Aker Offshore Wind into the Mainstream group. Aker Offshore Wind is a wholly-owned subsidiary of Aker Horizons. On completion of the transaction, Aker Horizons’ ownership in Mainstream will be approximately 58.6 percent.
“The strong industrial logic for combining Aker Offshore Wind and Mainstream includes complementary footprint and capabilities, increased scale, and improved access to financing,” said Mary Quaney, Chief Executive Officer of Mainstream. “Combining Aker Offshore Wind’s strong technical and engineering capabilities, and early mover position in floating offshore wind, with Mainstream’s proven project development methodology, execution track record and global presence unlocks new opportunities worldwide.”
“The consolidation of Aker Horizons’ interests in renewable energy will accelerate Mainstream’s transformation into a global renewable energy major with leading floating and fixed offshore wind capabilities,” said Kristian Røkke, Chief Executive Officer of Aker Horizons and Chairman of Mainstream. “Accelerating the deployment of renewable energy including deep-water offshore wind is essential to reaching Net Zero in 2050. According to IEA estimates, annual additions of solar PV and wind power in excess of 1,000 gigawatts are required by 2030. Mainstream is Aker Horizons’ platform to drive the transition toward a clean energy sector, with ongoing projects on five continents.”
Tove Røskaft has been appointed Head of Offshore Wind at Mainstream, reporting to Quaney. During her 25-year career at the Aker group, Røskaft has held a range of executive leadership positions across offshore products and operations as well as corporate management, most recently as Chief Operating Officer of Aker Offshore Wind. She brings a deep knowledge of the offshore industry and extensive international leadership experience to the role.
The floating wind market is projected to grow rapidly in coming years, as several countries have launched ambitious targets to develop gigawatts of wind energy, with about 70-80 percent of offshore wind resources located at water depths only suitable for floating foundations.
Mainstream’s offshore business will continue to develop existing project opportunities for fixed and floating wind in markets such as Norway, Sweden, Japan, South Korea, Vietnam, Ireland, the UK and the US, while exploring opportunities in new markets.
An Extraordinary General Meeting will be held in Aker Mainstream Renewables on 15 July, 2022 to approve the transaction. The transaction is expected to close in August 2022.
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About Aker Horizons
Aker Horizons develops green industrial projects and technologies that accelerate the net zero transition. The company holds assets across renewable energy and carbon capture, and develops green industrial hubs that combine low -cost renewable energy with hydrogen production and downstream applications. As part of the Aker group and its 180-year industrial heritage, Aker Horizons applies industrial, technological and capital markets expertise to solve fundamental challenges to sustainable existence. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Through its portfolio companies, Aker Horizons employs over 1,200 people across 18 countries and five continents. www.akerhorizons.com
About Mainstream Renewable Power
Mainstream Renewable Power is a leading pure-play renewable energy company, with wind and solar assets across global markets, including in Latin America, Africa, and Asia-Pacific. Mainstream is one of the most successful developers of gigawatt-scale renewables platforms, across onshore wind, offshore wind, and solar power generation. It has successfully delivered 6.5 GW of wind and solar generation assets to financial close-ready and has a global portfolio of 27 GW. In May 2021, Aker Horizons acquired a majority stake in Mainstream, and in April 2022, Mitsui & Co., Ltd. joined Aker Horizons as a long-term strategic investor. Aker Horizons and Mitsui now own 54.4% and 27.5%, respectively of Mainstream, with both helping to accelerate the delivery of its high-quality pipeline. Mainstream has raised more than EUR 3.0 billion in project finance to date and employs more than 500 people across five continents.
About Aker Offshore Wind
Aker Offshore Wind is an offshore wind developer focused on assets in deep waters and specialized on floating energy systems. With global operations, the current portfolio consists of development projects and prospects located in Asia, North America and Europe. Aker Offshore Wind effectively deploys cost effective technologies from decades of offshore energy development. The company is wholly-owned by Aker Horizons. www.akeroffshorewind.com