Mainstream And Aker Offshore Wind Join Hands For 27-GW Portfolio

Renewable energy players Mainstream Renewable Power and Aker Offshore Wind have announced that they have inked an agreement to combine the two companies to create a stronger renewable energy company with a 27 GW portfolio. The official statement of the companies holds that the new company will foray into solar, onshore wind and bottom-fixed and floating offshore wind projects.

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As per the statement released, Aker Horizons has agreed with Aker Mainstream Renewables 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' stake in Mainstream will be close to 58.6 per cent.

Mary Quaney, CEO, Mainstream, said, "The strong industrial logic for combining Aker Offshore Wind and Mainstream includes complementary footprint and capabilities, increased scale, and improved access to financing. 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."

Kristian Rokke, CEO, Aker Horizons, stated, "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. 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.

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He has also added that "Mainstream is Aker Horizons' platform to drive the transition toward a clean energy sector with ongoing projects on five continents."

The floating wind market is poised for swift growth in future, as various countries have set and are in the process of realizing 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.

The company statement maintained that Mainstream's offshore business will establish existing project opportunities for fixed and floating wind in markets such as Norway, Sweden, Japan, South Korea, Vietnam, Ireland, the UK and the US. It will also look at the potential of new markets at the same time.

The transaction is expected to close in August this year.