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July 13, 2022

Mainstream Renewable Power and Aker Offshore Wind agree to merge

Aker Horizons will own a stake of nearly 58.6% in Mainstream once the deal has closed.

Stakeholders of renewable energy companies Mainstream Renewable Power and Aker Offshore Wind have agreed to merge the two business entities to create an offshore wind company with a 27GW portfolio.

Aker Horizons previously reached an agreement with Aker Mainstream Renewables to merge Aker Offshore Wind (AOW), a wholly-owned subsidiary of Aker Horizons, into the Mainstream group.

The transaction is expected to close next month. Once it has closed, Aker Horizons will own nearly 58.6% of Mainstream.

Mainstream CEO Mary Quaney 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.”

Going forward, Mainstream’s offshore business will continue to develop existing fixed and floating wind project opportunities in the UK, Norway, Sweden, Japan, South Korea, Vietnam, Ireland and the US.

It will also explore development opportunities in new markets.

Aker Horizons CEO and Mainstream chairman Kristian Røkke said: “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 photovoltaic (PV) and wind power in excess of 1TW are required by 2030.

“Mainstream is Aker Horizons’ platform to drive the transition toward a clean energy sector, with ongoing projects on five continents.”

Earlier this year, Japanese trading and investment group Mitsui acquired a 27.5% ownership stake in Mainstream Renewable Power, revising Aker Horizons’ stake in Mainstream to 54.4% in the process.

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