Mainstream and Aker Offshore Wind Combine to Create Global Frontrunner

The shareholders of Mainstream Renewable Power (Mainstream) and Aker Offshore Wind have entered an agreement to combine the two companies to create a stronger renewable company with a 27 GW portfolio across solar, onshore wind and bottom-fixed and floating offshore wind projects.

Aker Horizons entered into an agreement with Aker Mainstream Renewables, a holding company co-owned by Aker Horizons, Mitsui & Co., Ltd. and Irish minority shareholders, to integrate Aker Offshore Wind into the Mainstream group.

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 percent.

"The strong industrial logic for combining Aker Offshore Wind and Mainstream includes complementary footprint and capabilities, increased scale, and improved access to financing," said Mary Quaney, Chief Executive Officer of Mainstream. "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, Chief Executive Officer of Aker Horizons and Chairman of Mainstream. "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 PV and wind power in excess of 1,000 gigawatts are required by 2030. Mainstream is Aker Horizons' platform to drive the transition toward a clean energy sector, with ongoing projects on five continents."