OSLO, Norway, March 14, 2022 /PRNewswire/ -- 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.
CONTACT:
For further information, please contact:
Maria Lanza Knudsen, media
contact, +47 48 44 24 26,
maria.knudsen@akeroffshorewind.com
Christian Yggeseth, investor contact, +47 915 10 000,
christian.yggeseth@akerhorizons.com
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/aker-offshore-wind-as/r/aker-offshore-wind-and-mainstream-renewable-power-close-transaction-for-offshore-wind-development-in,c3523993
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