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Aker Horizons — M&A Activity 2022
Jul 12, 2022
3530_rns_2022-07-12_d57a6ec9-b0ba-43dc-a1b8-88dcec1d9fee.html
M&A Activity
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Mainstream and Aker Offshore Wind Combine to Create Global Frontrunner in Offshore Wind
Mainstream and Aker Offshore Wind Combine to Create Global Frontrunner in Offshore Wind
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."
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. She brings a deep knowledge of the offshore industry and
extensive international leadership experience to the role.
The floating wind market is projected to grow rapidly in coming years, as
several countries have launched ambitious targets to develop gigawatts of wind
energy, with about 70-80 percent of offshore wind resources located at water
depths only suitable for floating foundations.
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.
An Extraordinary General Meeting will be held in Aker Mainstream Renewables on
15 July, 2022 to approve the transaction. The transaction is expected to close
in August 2022.
ENDS
Contact info
For further information, please contact:
Ivar Simensen, Communications, Tel: +47 46 40 23 17,
Emmet Curley, Head of Communications & Positioning, Tel: +353 86 2411
690, [email protected]
Christian Yggeseth, Investor Relations, Tel: +47 91 51 00 00,
About Aker Horizons
Aker Horizons develops green industrial projects and technologies that
accelerate the net zero transition. The company holds assets across renewable
energy and carbon capture, and develops green industrial hubs that combine low
-cost renewable energy with hydrogen production and downstream applications. As
part of the Aker group and its 180-year industrial heritage, Aker Horizons
applies industrial, technological and capital markets expertise to solve
fundamental challenges to sustainable existence. Aker Horizons is listed on the
Oslo Stock Exchange and headquartered in Fornebu, Norway. Through its portfolio
companies, Aker Horizons employs over 1,200 people across 18 countries and five
continents. www.akerhorizons.com
About Mainstream Renewable Power
Mainstream Renewable Power is a leading pure-play renewable energy company, with
wind and solar assets across global markets, including in Latin America, Africa,
and Asia-Pacific. Mainstream is one of the most successful developers of
gigawatt-scale renewables platforms, across onshore wind, offshore wind, and
solar power generation. It has successfully delivered 6.5 GW of wind and solar
generation assets to financial close-ready and has a global portfolio of 27
GW. In May 2021, Aker Horizons acquired a majority stake in Mainstream, and in
April 2022, Mitsui & Co., Ltd. joined Aker Horizons as a long-term strategic
investor. Aker Horizons and Mitsui now own 54.4% and 27.5%, respectively of
Mainstream, with both?helping to accelerate the delivery of its high
-quality?pipeline. Mainstream has raised more than EUR 3.0 billion in project
finance to date and employs more than 500 people across five continents.
www.mainstreamrp.com
About Aker Offshore Wind
Aker Offshore Wind is an offshore wind developer focused on assets in deep
waters and specialized on floating energy systems. With global operations, the
current portfolio consists of development projects and prospects located in
Asia, North America and Europe. Aker Offshore Wind effectively deploys cost
effective technologies from decades of offshore energy development. The company
is wholly-owned by Aker Horizons. www.akeroffshorewind.com