Mainstream to take part in offshore wind-themed merger at Aker
Image: Aker Offshore Wind.
Aker Horizons ASA (OSE:AKH), controlled by Norway’s Aker ASA (OSE:AKER), has agreed to merge its separate offshore wind-dedicated company with pure-play renewables developer Mainstream Renewable Power to form a larger company with a 27-GW portfolio.
Aker Horizons said on Tuesday it has signed a deal with Aker Mainstream Renewables, which is a holding company co-owned by the Aker unit itself, Mitsui & Co Ltd and Irish minority shareholders, to integrate Aker Offshore Wind AS into the Mainstream group.
Presently, Aker Horizons has a 54.4% stake in Mainstream and full ownership of Aker Offshore Wind, and after the closing of the proposed transaction, its interest in Mainstream will reach 58.6%, according to the announcement.
The merger is subject to a stockholder vote at an extraordinary general meeting scheduled for July 15 and is expected to close next month.
Mainstream is engaged in the development of gigawatt-scale renewable energy platforms across onshore and offshore wind, as well as solar power generation. To date, it has successfully delivered 6.5 GW of wind and solar projects to a financial-close-ready state. After the planned merger, Mainstream’s offshore business will continue to work on existing opportunities for fixed and floating wind projects in Norway, Sweden, Japan, South Korea, Vietnam, Ireland, the UK and the US, whilst exploring new markets.
"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, CEO of Mainstream. She added that the planned merger will unlock new opportunities around the world.
Aker Horizons also cited “strong industrial logic” as a reason to combine Aker Offshore Wind with clean hydrogen platform Aker Clean Hydrogen AS earlier this year. At the time the company hinted that a similar move involving Mainstream would follow.
Tove Roskaft, most recently CEO of Aker Offshore Wind, has been appointed Head of Offshore Wind at Mainstream and will report to Quaney.