Aker Offshore Wind Ups Stake in Principle Power

Aker Offshore Wind Ups Stake in Principle Power

Aker Offshore Wind has increased its ownership in Principle Power Inc from approximately 20 per cent to an expected 39 per cent, after exercising an option to buy further shares in the floating wind technology company.

Image for illustrative purpose only; Photo: Principle Power

“Principle Power is established as the industry leading provider of floating wind foundation technology, with more than 100MW of installed capacity by 2022,” said Astrid Skarheim Onsum, Chief Executive Officer of Aker Offshore Wind.

“We will actively work with Principle Power and the other shareholders to further develop technology and drive down costs across the value chain to ensure the most competitive offering globally.”

Principle Power has an established track record from several years of offshore operations and 34,000 operating hours with its WindFloat foundation, Aker Offshore Wind said.

The company recently saw the installation of a 9.5 MW turbine in the Kincardine project, the biggest floating wind turbine in the world to date.

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Three 8.4 MW WindFloat turbines are also operating in the WindFloat Atlantic project off the coast of Portugal.

The transaction has a value of approximately NOK 180 million (EUR 16.75 million). The acquisition of shares is funded by the proceeds from the private placement completed on 16 November.

Established earlier this year, the Norway-headquartered Aker Offshore Wind focuses on assets in deep waters. The company’s current portfolio consists of development projects and prospects located in Asia, North America, and Europe.