Aker Offshore Wind and Mainstream Renewable Power 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 news comes after the two companies were in August 2021 selected as the preferred bidder to acquire an initial 50 percent stake in the project.
"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," Aker Offshore Wind said.
"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.
Chris Swartley, Chief Executive Officer of Progression Energy "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,"
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.