Aker ASA: €900 million for Mainstream Renewable Power

Aker ASA announced that it has acquired Mainstream Renewable Power through its investment subsidiary Aker Horizons. For the sum of 900 million euros, the Norwegian investment company has just acquired 75% of the capital of a major player in renewable energy.

Aker ASA also acquires shares in SuperNode

The acquisition of 75% of Mainstream Renewable Power

Aker ASA and its subsidiary Aker Horizons have acquired 75% of Mainstream Renewable Power for approximately €900 million. The president and founder, Dr. Eddie O’Connor retains his status as Chairman of the Board. At the same time, Kjell Inge Røkke, Øyvind Eriksen, and Kristian Røkke (Presidents and CEOs of Aker ASA and Horizons) will also become members.

This agreement was financed largely by bank facilities provided by DNB Bank Asa and Nordea Band Apd. Aker ASA and Aker Horizons participated in the acquisition of the company for 248 and 110 million euros respectively.

Read on energynews.com: Total strengthens its partnership with Adani Group

Accompanied by 50% of the company SuperNode

The agreement also includes the acquisition of 50% of SuperNode, a company specialized in superconducting cables. The technologies developed by this 2018-founded company are particularly interesting for connecting offshore wind and the market. Finally, an additional payment of 100 million is planned for 2023, if certain targets are met.

Mainstream Renewable Power: the first step towards a 10GW ambition for Aker ASA

6.4GW worldwide for Mainstream Renewable Power

Mainstream Renewable Power is an independent, global player in renewable energy. Created in 2008, the company has developed 6.4GW of renewable energy capacity. It also participates in projects with global players. For example, it is one of the most successful offshore wind developers, accounting for 22% of the UK’s offshore wind farm.

It is also one of the biggest independent developers in the Chilean market, but also in the African continent, especially in South Africa. The company also has 700MW of projects scheduled to come on stream in 2021 and a cash balance of more than 500 million euros. In total, Mainstream Renewable Power employs 335 people across 11 countries.

A 10GW target for Aker Horizons

This acquisition of Mainstream Renewable Power reflects a new strategy for Aker ASA. By acquiring a renewable energy player, the company is taking a step towards the energy transition. Kristian Røkke even talks about a “political investment for the planet”.

Aker Horizons’ stated objective is to develop industrial companies representing 10GW in the field of renewable energy. The company says it wants to eliminate 25 million tons of CO2 per year by 2025. This acquisition gives Aker ASA access to Mainstream Renewable Power’s expertise in renewable energy, which will help it to meet its objectives.

Read on energynews.com: SK Group invests $1.5 billion in Plug Power Group

1.4GW already in operation or under construction

The acquisition is accompanied by the acquisition of 1.4GW in operation or under construction, mainly in Chile and South Africa. The company will also have approximately 10GW of projects under development. All this confirms Aker ASA’s strategy to move towards the production of renewable energy.

For its part, Mainstream Renewable Power wishes to continue its international development. CEO Mary Quaney says she wants to make the company “one of the world’s leading renewable energy companies.” To do so, the company will need Aker ASA’s financing, but also its experience in the development of industrial companies.

A perspective of massive investments in renewable energies

Following this acquisition, Aker ASA issued an internal restructuring plan. In sum, Aker Horizons becomes the subsidiary in charge of investing in the renewable energy market. In this sense, the company recovers shares from other subsidiaries of the group such as Aker Carbon Capture or Aker Offshore Wind.

Finally, the acquisition of Mainstream Renewable Power by Aker ASA opens up the prospect of massive investments in renewable energy. It is part of the growing interest of companies in the energy transition.

Articles qui pourraient vous intéresser

éoliennes dans l'alberta

BluEarth builds a wind farm in Alberta

BluEarth Renewable Inc. has launched the construction of its 145 MW Hand Hills wind project in Canada. The project aims to supply the region with energy as well as capital. BluEarth builds its first Canadian project BluEarth Renewable Inc is a Canadian company specialized in renewable energy. On June 27, the company launched the construction of the 145 MW Hand Hills wind farm. The project, located northeast of Drumheller, Alberta, will produce enough clean, renewable energy to power approximately 68,000 homes per year. BluEarth estimates that it should go into commercial service in early 2023. Shell Energy North America will purchase electricity and associated emissions offsets from 100 MW of project capacity. The company's goal is to become a net zero emissions energy company by 2050. BluEarth has developed the project since its acquisition in 2012 and will be the long-term operator of the facility. An important project for the region The Hand Hills wind project will also provide indirect revenues to the local municipality in the form of local services and supplies. It will also contribute to significant and stable property tax revenues over the long term. The project will inject more than $250 million in capital investment into...

D'ici huit ans, Axpo vise une capacité de 10 GW dans les parcs solaires et 3 GW pour les sites d'énergie éolienne (archives).

Axpo develops two wind farms in Romania

Today, Axpo is the largest producer of renewable energy in Switzerland and one of the leading companies in Europe. The company announces the expansion of its wind power business, which currently has 3.5 GW of installed capacity worldwide. Also, it plans to develop two wind farms with a combined total of 38 wind turbines in Romania. Axpo develops two new wind farms Axpo has just announced the development of two new wind farms in Romania. While the project is currently in the planning phase, construction is expected to begin in late 2023. The two parks will be located approximately 100 km northeast and 200 km east of Bucharest respectively. Axpo estimates the annual production of the plants at 750 GWh of electricity. This represents the electricity consumption of about 375,000 Romanian households. Axpo will work closely with local partner Aquarius Energy Developments to complete the project. Moreover, the development of wind energy in Romania will create many jobs. The entire project development sector will benefit, from land acquisition to operations management. A desire to develop new markets Axpo is pursuing a niche strategy in new markets. In other words, this represents markets that are not the focus of large wind...

éoliennes flottantes

RWE and BOURBON join forces for an Offshore Wind project

As part of the A06, two floating offshore wind turbine sites will be developed. They will each have a planned installed capacity of approximately 250 MW, with potential expansions to 1.5 GW. A promising partnership The partners have submitted their pre-selection file to the French government. The two leaders in the offshore wind sector are ready to bring their complementary skills to this emerging industry in France. RWE and Bourbon aim to support the development of an innovative offshore wind industry in the Mediterranean basin. RWE is specialized in the field of renewable energies. The company is a specialist in the construction and operation of offshore wind farms worldwide. Its subsidiary, RWE France, has qualified to participate in the next offshore wind tenders in the Channel (A04) and South Brittany (A05). RWE currently operates 18 offshore wind farms in five countries with a total capacity of about 3 GW. Bourbon Subsea Services is a subsidiary of Bourbon, a French leader in marine services. Its teams are based in Marseille. They will bring their expertise on the local territory and their technical know-how through front-end engineering studies. They will also rely on a network of local partners in the Provence-Alpes-Côte-d'Azur region....

Port du Waal

The Port of Waal goes Renewable Energy

The Port of Rotterdam Authority and Eneco will install electrical installations at the quayside in the Port of Waal. This will allow Boskalis' vessels docked there to run on green energy instead of fossil fuels. The electrical installation will be completed on June 1, 2023. With 2 GWh of green energy supplied per year, the project will reduce CO2 emissions by 1.6 kt per year. A green project is good for the port and for the residents. A 100% green electricity installation for the Port of Waal Shore power is an important part of the energy transition. This project fits perfectly with Eneco's One Planet strategy, which aims to achieve Net Zero by 2035. Ships at berth often use generators to refuel. A practice that leads to emissions of particles, nitrous oxide and CO2. Thus, green energy at the dock offers the possibility of reducing these emissions by up to 90% and will also contribute to noise reduction. The project financed by the City of Rotterdam and the European Union will be under the responsibility of Eneco and the Port of Rotterdam Authority in the framework of the Rotterdam Shore Power joint venture. They will own the facility and provide...