Thursday, June 30, 2022

Aker Offshore Wind and Mainstream Renewable Power Close Transaction for Offshore Wind Development in Japan

With reference to the stock exchange notice on 12 August 2021, Aker Offshore Wind and Mainstream Renewable Power (“Mainstream”) have closed the transaction which will see them take an initial 50 percent ownership stake in Progression Energy’s 800 MW floating offshore wind project in Japan. The project is a well-formed early-stage development opportunity, and the site has been identified as ideal for floating wind.

With the successful closing of the transaction, the parties will now collectively continue to mature the project. As a consortium, the three companies bring together highly complementary capabilities and experience. Aker Offshore Wind, as a part of the Aker group of companies, is able to leverage decades of offshore and floating expertise, whilst Mainstream brings a global leadership position in offshore wind development. Progression Energy has a successful track record in recognizing markets with strong fundamentals early and positioning itself for success. Progression Energy has a team established in Japan with experience in engaging stakeholders such as fishing unions and securing permits for its multiple projects.

“We are pleased to join the floating wind ambition in Japan. As an early pioneer in floating wind power, Japan is now positioned to benefit from our access to Principle Power’s field-proven WindFloat® floating offshore technology and our ability to accelerate its deployment at scale with the local partners through industrialization,” said Philippe Kavafyan, Chief Executive Officer of Aker Offshore Wind.

“We are delighted to partner with Aker Offshore Wind and Progression Energy to expand our growing offshore wind footprint in the APAC region, where we believe we will significantly contribute to the growth of the emerging Japanese offshore wind sector. This will support the wider decarbonization of the economy and positively contribute to the country accelerating its net zero ambitions,” said Mary Quaney, Chief Executive Officer of Mainstream.

“In 2015, Progression Energy recognized that floating offshore wind would become a major segment of the offshore wind industry. Since that time, Progression Energy has originated floating projects in four markets globally. Japan has set a goal of zero emissions by 2050 with a strong focus on offshore wind. We are excited to bring Aker Offshore Wind and Mainstream Renewable Power on board and believe the three companies, working in partnership, bring a unique set of strengths that will be vital in helping us advance our project to FID,” said Chris Swartley, Chief Executive Officer of Progression Energy.

Japan aims to expand offshore wind energy capacity to 10 GW by 2030 and 30-45 GW by 2040, according to the Ministry of Economy, Trade and Industry (METI). Project areas for offshore floating wind will be put to auction for interested companies to submit their proposals.

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