Mainstream Renewable and Aker Offshore Wind integrate to work together in offshore wind

Mainstream Renewable Power has joined hands with Aker Offshore Wind to form a joint renewables developer with a 27GW portfolio.

The duo has already entered into an agreement to combine the two companies.

Aker Horizons joined Aker Mainstream Renewables, a holding company co-owned by Aker Horizons, Mitsui & Co and Irish minority shareholders, to integrate Aker Offshore Wind into the Mainstream group, a report mentioned.

It has been reported that the joint venture plans to be a "global frontrunner in offshore wind." However, it has been stated that the company will develop projects that span solar and onshore wind as well.

Upon completion of the transaction, Aker Horizons will have around 58.6% share in Mainstream.

Mainstream CEO Mary Quaney was quoted, “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.”

According to Mainstream, its offshore business will continue to develop in markets like Japan, South Korea, Vietnam, the UK and the US.

Meanwhile, Kristian Røkke, CEO of Aker Horizons and chairman of Mainstream, was quoted, “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.”

The latest deal is expected to close in August 2022.