Mainstream and Aker Offshore Wind Merges To Create Global Frontrunner in Offshore Wind

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Aker Offshore Wind and Mainstream Renewable Power shareholders have entered into an agreement to merge the companies. This will create a stronger renewable company that has a portfolio of 27 GW across solar, offshore wind and bottom-fixed or floating offshore wind projects.

Aker Horizons and Aker Mainstream Renewables signed an agreement to integrate Aker Offshore wind into the Mainstream group. Aker Horizons’ wholly-owned subsidiary Aker Offshore Wind is also owned by Aker Horizons. Aker Horizons will own approximately 58.6 per cent of Mainstream after the transaction is completed.

Mary Quaney (CEO of Mainstream), stated that the strong industrial logic to combine Aker Offshore Wind with Mainstream includes complementary footprints and capabilities, increased scaling, and better access to financing. Combining Aker Offshore Winds strong engineering and technical capabilities and early mover position for floating offshore wind with Mainstreams proven project execution methodology, track record, and global presence unlocks new opportunities around the world.

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Kristian Rokke (Chairman of Mainstream) and Chief Executive Officer at Aker Horizons stated, “the consolidation of Aker’s interests in renewable energies will accelerate Mainstream’s transformation into a major global renewable energy company with leading floating- and fixed-offshore wind capabilities. To reach Net Zero by 2050, it is crucial to accelerate the deployment of renewable energy, including deep-water offshore winds. The IEA estimates that by 2030, there will be an annual increase in solar PV and wind power of more than 1,000 gigawatts. Mainstream is Aker Horizons’ platform for driving the transition to a clean energy sector. There are ongoing projects on five continents.”

Tove Roskaft has been appointed Head of Offshore Wind at Mainstream reporting to Quaney. Roskaft’s 25-year Aker Group career has seen her hold a variety of leadership positions in offshore operations and corporate management. She was most recently Chief Operating Officer at Aker Offshore Wind. Roskaft brings extensive leadership experience and deep knowledge of the offshore sector to this role.

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As several countries set ambitious goals to develop gigawatts, the floating wind market will grow quickly. About 70-80 percent of offshore wind resources are located in water depths that are only suitable for floating foundations.

Mainstream’s offshore business will continue developing existing opportunities for fixed or floating wind in markets like Norway, Sweden, and South Korea. It will also explore new markets.

To approve the transaction, an Extraordinary General Meeting will take place in Aker Mainstream Renewables, on 15 July 2022. The transaction is expected close by August 2022.

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