Aker, Mainstream Acquire Stake in Progression Offshore Wind Project

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Aker Offshore Wind and Mainstream Renewable Power have closed a transaction that will see them take an initial 50% ownership stake in Progression Energy‘s 800 MW floating offshore wind project in Japan.

With the successful closing of the transaction, the parties will now collectively continue to mature the project.

“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,” says Philippe Kavafyan, CEO 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,” states Mary Quaney, CEO of Mainstream. “This will support the wider decarbonization of the economy and positively contribute to the country accelerating its net zero ambitions.”

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.

“In 2015, Progression Energy recognized that floating offshore wind would become a major segment of the offshore wind industry,” mentions Chris Swartley, CEO of Progression Energy. “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.”

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