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March 15, 2022

Mainstream and Aker acquire 50% stake in wind project in Japan

The deal to acquire the stake in the 800MW project was announced last year.

Mainstream Renewable Power and Aker Offshore Wind have closed their acquisition of an initial 50% interest in an 800MW floating offshore wind project in Japan from Progression Energy.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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The deal was announced in August last year and its financial terms have not been disclosed.

The site of the offshore wind project is considered to be suitable for floating wind and is close to grid connections.

Following the deal’s completion, Mainstream, Aker and Progression Energy will continue to develop the floating offshore project together.

The three firms aim to combine their capabilities and experience to advance the project.

Mainstream CEO Mary Quaney said: “We are delighted to partner with Aker Offshore Wind and Progression Energy to expand our growing offshore wind footprint in the Asia-Pacific (APAC) region, where we believe we will significantly contribute to the growth of the emerging Japanese offshore wind sector.

“This will support the wider decarbonisation of the economy and positively contribute to the country, accelerating its net-zero ambitions.”

Aker Offshore Wind CEO Philippe Kavafyan said: “We are pleased to join the floating wind ambition in Japan.

“As an early pioneer in floating wind power, Japan is now positioned to benefit from our access to Principle Power’s field-proven WindFloat floating offshore technology and our ability to accelerate its deployment at scale with the local partners through industrialisation.”

Progression Energy CEO Chris Swartley said: “We are excited to bring Aker Offshore Wind and Mainstream Renewable Power on board and believe the two companies, working in partnership, bring a unique set of strengths that will be vital in helping us advance our project to Financial Investment Decision.”

Japan aims to have installed 10GW of offshore wind energy capacity by 2030, increasing this to 30-45GW by 2040.

To help achieve this, the government plans to invite tenders for offshore floating wind projects.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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