Mainstream and Aker Offshore Wind merge to create ‘global renewable energy major’

Mainstream Renewable Power is set to merge with Aker Offshore Wind to create a company with a 27GW portfolio across onshore wind, bottom-fixed and floating offshore wind projects and solar.

Mary Quaney, chief executive of Mainstream
Mary Quaney, chief executive of Mainstream

Of the 27GW portfolio, approximately 10GW is in the pre-development phase, while 16.9GW is in development, construction or operation. Onshore wind accounts for 44% of the 16.9GW, while offshore wind accounts for 10%

The merger comes just over a year after Aker Horizons closed its acquisition of Mainstream, citing its wish to develop the company into a “renewable energy major”.

Mary Quaney, chief executive of Mainstream, said “The strong industrial logic for combining Aker Offshore Wind and Mainstream includes complementary footprint and capabilities, increased scale, and improved access to financing”.

Aker Horizons described Mainstream as its platform to drive the transition toward a clean energy sector, with ongoing projects on five continents. Kristian Røkke, chief executive of Aker Horizons and chairman of Mainstream, said the consolidation “will accelerate Mainstream’s transformation into a global renewable energy major with leading floating and fixed offshore wind capabilities”.

Mainstream’s offshore recently qualified to apply for a lease in the upcoming New York Bight lease auction in the US. With Aker Offshore Wind it is the preferred bidder to acquire an initial 50% stake in Progression Energy's 800MW floating offshore wind project in Japan.

It also this year received investment approval for the first phase of the 1.4GW Phu Cuong Soc Trang offshore wind project in Vietnam, alongside the Phu Cuong Group.

Other target markets include Norway, Sweden, South Korea, Ireland and the UK.

After the restructuring, Aker Horizons will own 58.6 per cent of Mainstream, alongside Mitsui - which invested €575 million in Mainstream in exchange for a 27.5 per cent stake earlier this year - and Irish minority shareholders. The transaction is due to be approved at an Extraordinary General Meeting (EGM) on 15 July and to close in August.

New head of offshore

Tove Røskaft has been appointed head of Offshore Wind at Mainstream. Røskaft was previously chief operating officer of Aker Offshore Wind. The company said she brings “a deep knowledge of the offshore industry and extensive international leadership experience to the role”.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in