Aker Horizons — M&A Activity 2023

Aug 17, 2023

Mainstream Renewable Power and Ocean Winds partner on second Scotwind floating offshore wind site

Mainstream Renewable Power and Ocean Winds partner on second Scotwind floating offshore wind site

Mainstream Renewable Power ("Mainstream"), the global pureplay renewable energy

company, and Ocean Winds, the international joint venture between EDPR and ENGIE

dedicated to offshore wind energy, have partnered to develop a second ScotWind

site of 500 MW east of Shetland, expanding the overall footprint of the Arven

Offshore Wind Farm ("Arven") to 2.3 GW.

Arven comprises two sites. The first is the 1.8 GW site east of the Shetland

Islands which was awarded to the 50:50 joint venture between Mainstream and

Ocean Winds as part of the ScotWind leasing process in 2022. Separately, Ocean

Winds was awarded a 500 MW site in the same NE1 block. Mainstream has now

completed its acquisition of a 50% shareholding in Ocean Wind's holding company

and the two sites are now being developed jointly to maximise their potential.

Mainstream and Ocean Winds have a longstanding partnership. The companies are

currently developing a 1.2 GW floating offshore wind farm in South Korea and are

in a consortium for the upcoming Utsira Nord floating offshore wind tender in

Norway. By extending this partnership and developing the two sites off Shetland,

Mainstream and Ocean Winds will leverage their combined expertise to maximise

benefits for Shetland and Scotland, create supply chain opportunities and jobs,

whilst contributing to the UK's net zero ambition.

The partners have commenced early-stage local engagement, meeting with supply

chain partners, local authorities and fisheries representatives.

Adam Morrison, UK Country Manager for Ocean Winds, said:

"The collaboration between Ocean Winds and Mainstream Renewable Power marks a

significant milestone, combining our expertise and resources to develop our

largest floating offshore wind farm to date. This experienced partnership will

capitalise on delivery experience both in Scotland and internationally.

"We have already commenced surveys and a programme of early local engagement,

including the fishing industry, and we are committed to working closely with the

local community in developing this larger Arven project, which will be a

significant driver for the energy transition."

Tove Røskaft, Head of Offshore Wind for Mainstream, said:

"Arven offers a unique combination of scale, world-class wind resource and

routes to market which enable it to deliver a range of compelling benefits for

the good of Shetland, Scotland and the UK.

"Mainstream has a solid track record in Scotland and the UK, having successfully

developed the Neart na Gaoithe and the Hornsea zone which is the world's largest

offshore wind farm in operation. This remains a core offshore wind market for

Mainstream and we look forward, together with Ocean Winds, to continuing our

engagements with Crown Estate Scotland and other key stakeholders."

ENDS

About Arven Offshore Wind Farm

The Arven Offshore Wind Farm ("Arven") is a floating offshore wind project

composed of two sites: one 1.8 GW site in the NE1 area east of the Shetland

Islands, and another 500 MW site located to the south. Once operational, Arven

has the capacity to generate enough energy to power up to two million homes.

Arven is being developed by a joint venture between Mainstream Renewable Power

and Ocean Winds under a 50:50 joint venture.

More information: www.arvenoffshorewind.com

About Ocean Winds

Ocean Winds (OW) is an international company dedicated to offshore wind energy

and created as a 50-50 joint venture, owned by EDP Renewables and ENGIE. Based

on our belief that offshore wind energy is an essential part of the global

energy transition, we develop, finance, build and operate offshore wind farm

projects all around the world.

When EDPR and ENGIE combined their offshore wind assets and project pipeline to

create OW in 2019, the company had a total of 1.5 GW under construction and 4.0

GW under development. OW has been adding rapidly to that portfolio and is now on

a trajectory to reach the 2025 target of 5 to 7 GW of projects in operation, or

construction, and 5 to 10 GW under advanced development. In 2022, OW's offshore

wind gross capacity already reaches 16.6 GW.

OW, headquartered in Madrid, is currently present in eight countries, and

primarily targets markets in Europe, the United States, selected parts of Asia,

and Brazil.

More information: https://www.oceanwinds.com

Media contact: José Miguel Mesa josemiguel.mesa@oceanwinds.com

About Mainstream Renewable Power

Mainstream Renewable Power ("Mainstream") is a leading pure-play renewable

energy company with a presence across Europe, Latin America, Africa, and Asia

-Pacific, and the company has a global portfolio of 20.8 GW at Q2, 2023. In May

2021, Norway-based Aker Horizons acquired a majority stake in Mainstream and, in

April 2022, Japan-based Mitsui & Co., Ltd. joined Aker Horizons as a long-term

strategic investor. In addition to bringing forward industrial-scale onshore

wind and solar projects around the world, we are advancing gigawatt-scale

offshore wind projects in Vietnam, South Korea, Norway, Ireland, the UK, Sweden

and Australia.

The company's growth trajectory and offshore wind ambition accelerated in 2022

with the integration of Aker Offshore Wind, combining world-class development

and industrialization capabilities through the Aker group of companies with

Mainstream's strong development and execution track record. Further to our

ambition in the floating wind market, the company holds preferential rights to

bankable floating foundation technology through ownership in Principle Power.

Mainstream is currently developing a net capacity of 1.5 GW of floating offshore

wind in Scotland and South Korea, and 1.3 GW of fixed bottom offshore wind in

Vietnam.

More information: www.mainstreamrp.com

Media contact: Emmet Curley emmet.curley@mainstreamrp.com

About Aker Horizons

Aker Horizons develops green energy and green industry to accelerate the

transition to Net Zero. The company is active in renewable energy, carbon

capture and hydrogen and develops industrial-scale decarbonization projects. As

part of the Aker group, Aker Horizons applies industrial, technological and

capital markets expertise with a planet-positive purpose to drive

decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and

headquartered in Fornebu, Norway. Across its portfolio, the company employs

approximately 1,100 people in 18 countries on five continents.

www.akerhorizons.com