Aker Horizons ASA, a subsidiary of the Norwegian business Aker ASA, has decided to combine its separate offshore wind-focused company with pure-play renewables producer Mainstream Renewable Power to create a bigger firm with a 27 GW portfolio, Renewables Now reports.
Aker Horizons said on Tuesday that it has reached an agreement to incorporate Aker Offshore Wind AS into the Mainstream group with Aker Mainstream Renewables, a holding company that is controlled equally by the Aker business, Mitsui & Co Ltd, and Irish minority shareholders.
Aker Horizons now owns 100% of Aker Offshore Wind and holds a 54.4 percent investment in Mainstream; when the planned transaction is completed, Aker Horizons’ holding in Mainstream will increase to 58.6 percent, according to the release.
An extraordinary general meeting of stockholders set on July 15 will allow shareholders to vote on the merger, which is anticipated to be finalized by the end of the month.
For both onshore and offshore wind power as well as solar power generation, mainstream is developing gigawatt-scale renewable energy systems. It has so far been successful in getting 6.5 GW worth of solar and wind projects to the point where they are ready for financial closing.
Following the anticipated merger, Mainstream’s offshore business will keep working on current prospects for fixed and floating wind projects in Norway, Sweden, Japan, South Korea, Vietnam, Ireland, the UK, and the US while also exploring new markets.
The earlier this year merger of Aker Offshore Wind and clean hydrogen platform Aker Clean Hydrogen AS was justified, according to Aker Horizons, by “solid industrial logic.” The business made a suggestion at the time that a Mainstream-related action would be taken after.
As Head of Offshore Wind at Mainstream, Tove Roskaft will answer to Quaney and most recently served as CEO of Aker Offshore Wind.