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.
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.
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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.