Mainstream Renewable Power and Aker Offshore Wind, an affiliate of Aker Horizons, have entered an agreement to combine the two companies to create a company with a 27 GW portfolio across solar, onshore wind and bottom-fixed and floating offshore wind projects. Once the transaction is completed, Aker Horizons’ ownership in Mainstream Renewable Power will reach 58.6%. The deal is expected to close in August 2022.
Mainstream’s offshore business will continue to develop existing project opportunities for bottom-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. Mainstream Renewable Power has a current development portfolio of 17.1 GW with plans to bring 5.5 GW to financial close by 2023. In 2021, Aker Horizons acquired 75% of Mainstream ahead of a planned IPO. In 2022, Mitsui invested €575m in Mainstream.