Aker Offshore Wind has agreed to sell part of its shares in floating wind pioneer Principle Power to EDPR and EDP Ventures SGPS (jointly EDP).
The transaction, which is based on a pre-existing option, is intended to rebalance the ownership structure and give Aker Offshore Wind and EDP equal equity stakes in Principle Power.
The sale is expected to be concluded in the first quarter of this year and will give a positive cash impact to Aker Offshore Wind of approximately Nkr100m (€10m).
Aker Offshore Wind will remain a “long-term and significant shareholder” in Principle Power, the Norwegian company said..
Aker Offshore Wind reported further losses in its fourth quarter 2021 results.
Earnings before interest, tax, depreciation and amortisation (EBITDA) was negative Nkr82.2m compared with Nkr54.9m in Q4 2020.
“We continue to develop as a company; we just passed one key milestone in South Korea on our way to realising one of the largest and first commercial scale floating wind farms in the world,” said Philippe Kavafyan (pictured), CEO of Aker Offshore Wind.
“It is gaining increasing recognition that floating offshore wind will constitute a major part of the solution for a sustainable energy mix going forward.
“We remain adamant that, with our group’s unparalleled offshore capabilities and technologies, we will have a major role to play,” he added.