The shareholders of Mainstream Renewable Power and Aker Offshore Wind have entered an agreement to combine the two companies to create a renewables developer with a 27GW portfolio.
The combined entity aims to be a “global frontrunner in offshore wind” but will have projects that span solar and onshore wind as well.
Aker Horizons entered into an agreement with Aker Mainstream Renewables, a holding company co-owned by Aker Horizons, Mitsui & Co and Irish minority shareholders, to integrate Aker Offshore Wind into the Mainstream group.
An Extraordinary General Meeting will be held in Aker Mainstream Renewables on 15 July 2022, with the deal expected to close in August 2022.
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%.
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.”
“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, CEO of Aker Horizons and chairman of Mainstream.
He added: “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.
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.