Mainstream Renewable Power and Ocean Winds Win 1.8 GW ScotWind Site

FORNEBU, Norway, Aug. 22, 2022 /PRNewswire/ -- Mainstream Renewable Power ("Mainstream"), the global renewable energy company majority-owned by Aker Horizons, and Ocean Winds, the international company dedicated to offshore wind energy, have been appointed preferred bidder by Crown Estate Scotland for an area with the potential for a 1.8 GW offshore wind farm off the Shetland Islands in Scotland.

Mainstream and Ocean Winds, as the preferred bidders, are now offered the opportunity to enter into an option agreement for the site which is located east of the Shetland Islands in approximately 100m water depth and is well suited for floating offshore wind. The project partners, which hold a 50-50 ownership, are committed to developing floating offshore wind on an industrial scale in Scotland, generating local jobs and opportunities in Scotland and the Shetland Islands. The site output is expected to power for the equivalent of over 2 million homes.

"We are proud of Mainstream and Ocean Winds' success in the ScotWind process. It is a testament to the strength of the partnership, and to Mainstream's standing as a leading developer of gigawatt-scale renewables platforms with significant offshore technology expertise. This was further reinforced by the company's recent combination with Aker Offshore Wind," said Kristian Røkke, Chief Executive Officer of Aker Horizons and Chairman of Mainstream.

"This is a very significant win for Mainstream, which plays to our key strengths as a global leader in floating offshore wind technology as well as our track record in offshore wind project development," said Mainstream's Chief Executive Officer Mary Quaney. "In Scotland, we have already developed the 450 MW Neart na Gaoithe Offshore Wind Farm and we now look forward to working with all stakeholders to further develop and strengthen Scotland's offshore wind industry and help position it as a global leader in floating offshore wind power."

Mainstream and Aker Offshore Wind in August 2022 completed a transaction to combine the two companies to create a stronger renewable energy company with more than 27 GW net portfolio. Combining Aker Offshore Wind's strong technical and engineering capabilities and early mover position in floating offshore wind with Mainstream's proven project development methodology, execution track record and global presence unlocks new opportunities worldwide. The company is currently bringing forward multi-gigawatt scale developments of offshore wind assets in markets including Vietnam, South Korea, Japan, Norway, Ireland and Sweden.

Mainstream, through its combination with Aker Offshore Wind, has already partnered with Ocean Winds in the joint venture KF Wind in South Korea and are in consortium to bid in the upcoming leasing round for floating wind at Utsira Nord in Norway. Mainstream and Ocean Winds are also major shareholders of the leading floating wind technology provider Principle Power.

"We are proud of the strength that Ocean Winds and Mainstream Renewable Power teams have combined to secure this major new project," said Bautista Rodriguez, Ocean Winds' chief executive officer. "As Ocean Winds, we are looking forward to using our more than 10-year expertise as pioneer in floating offshore wind farms from development to operation to progress this large floating project awarded with Mainstream, as well as the 500 MW floating project also awarded to Ocean Winds during this clearing round. Both will bring major benefits to Shetland and Scotland, and an important contribution to Net Zero."

Ocean Winds was created as a 50-50 joint venture in 2020 by EDP Renewables and ENGIE. The company is one of Scotland's leading offshore wind developers, with 950 MW currently in operation at Moray East and 882 MW in late development stage at Moray West. In January 2022, Ocean Winds was successful in its ScotWind bid, the Caledonia Offshore Wind Farm, with a plan for up to 2 GW.

About Mainstream Renewable Power

Mainstream Renewable Power is a leading pure-play renewable energy company, with wind and solar assets across global markets, including in Europe, the Americas, Africa, and Asia-Pacific. Mainstream is one of the most successful developers of gigawatt-scale renewables platforms, across onshore wind, offshore wind, and solar power generation. It has successfully delivered 6.5 GW of wind and solar generation assets to financial close-ready and has a global portfolio of more than 27 GW.  

In May 2021, Aker Horizons acquired a majority stake in Mainstream and, in April 2022, Mitsui & Co., Ltd. joined Aker Horizons as a long-term strategic investor. In August 2022, the transaction to integrate Aker Offshore Wind into the Mainstream Group was completed. 

Mainstream is one of the leading developers of offshore wind at scale globally.  It has successfully consented Hornsea One (1.2 GW), the largest operational offshore wind plant in the world today; and developed the Hornsea 2 project (1.4 GW) before selling these projects and the entire Zone in 2015. Mainstream fully consented the Neart na Gaoithe offshore wind project in Scotland, where 450 MW is currently under construction. Overall, it has developed and consented 20% of the UK's offshore wind capacity either in operation or under construction. The company is currently bringing forward multi-gigawatt scale developments of offshore wind assets in markets including Vietnam, South Korea, Japan, Norway, Ireland, the UK, and Sweden.

Mainstream, through Aker Horizons' ownership and its combination with Aker Offshore Wind, will leverage the decades of offshore energy development experience through the Aker group. Aker has been instrumental in the design and deployment of more than half of all semisubmersible floating offshore installations in the world and has over four decades of experience in Scotland, including a global subsea centre of excellence.

About Ocean Winds

Oceans Wind (OW) is an international company dedicated to offshore wind energy and created as a 50-50 joint venture, owned by EDP Renewables and ENGIE. Based on our belief that offshore wind energy is an essential part of the global energy transition, we develop, finance, build and operate offshore wind farm projects all around the world.

When EDP and ENGIE combined their offshore wind assets and project pipeline to create OW in 2019, the company had a total of 1.5 GW under construction and 4.0 GW under development; OW has been adding rapidly to that portfolio and is now on a trajectory to reach the 2025 target of 5 to 7 GW of projects in operation, or construction, and 5 to 10 GW under advanced development. In 2022, OW's offshore wind gross capacity already operating, in construction or with advanced development rights granted reaches 14.5 GW.

OW, headquartered in Madrid, is currently present in 8 countries, and primarily targets markets in Europe, the United-States, selected parts of Asia, and Brazil.

For more information: www.oceanwinds.com

About Aker Horizons

Aker Horizons develops green industrial projects and technologies that accelerate the net zero transition. The company holds assets across renewable energy and carbon capture, and develops green industrial hubs that combine low-cost renewable energy with hydrogen production and downstream applications. As part of the Aker group and its 180-year industrial heritage, Aker Horizons applies industrial, technological and capital markets expertise to solve fundamental challenges to sustainable existence. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Through its portfolio companies, Aker Horizons employs over 1,200 people across 18 countries and five continents. www.akerhorizons.com

For further information, please contact:

Ivar Simensen, Communications, Tel: +47 46 40 23 17,
ivar.simensen@akerhorizons.com

Christian Yggeseth, Investor Relations, Tel: +47 915 10 000,
christian.yggeseth@akerhorizons.com

This information is considered to include inside information pursuant to the EU Market Abuse Regulation article 17 and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Ivar Simensen, Communications at Aker Horizons ASA, on August 22, 2022 at 10:20 CEST.

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https://news.cision.com/aker-horizons/r/mainstream-renewable-power-and-ocean-winds-win-1-8-gw-scotwind-site,c3617542


Source: Aker Horizons Related Stocks: Bloomberg:AKH@NO ISIN:NO0010921232 Oslo:AKH RICS:AKH.OL
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