Aker Offshore Wind and Mainstream Renewable Power (Mainstream) have closed the transaction which will see them take an initial 50% 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, can 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.
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.