July 12, 2022
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.