An image of the Principle Power floating wind technology

Aker Offshore Wind, Hexicon Launch Floating Wind Joint Venture in Sweden

After announcing their collaboration on floating wind development in Sweden earlier this year, Aker Offshore Wind and Hexicon have now established a 50/50 joint venture in the country.

Aker Offshore Wind

The two companies have appointed former Swedish Finance Minister Pär Nuder and former Vattenfall executive Mikael Kramer to the Board of Directors of the joint venture, with the remaining four members of the Board of Directors being representatives from Aker Offshore Wind and Hexicon.

Offshore wind in Sweden is an early-stage market with large potential and Hexicon is the only dedicated floating wind developer in the domestic market, according to the company.

“Sweden is an attractive market for offshore wind and has set a target to reach ‘net zero’ greenhouse gas emissions by 2045. Our projects have the potential to provide a stable and clean energy generation long term, which benefits both Swedish industry and Swedish consumers”, said Marcus Thor, Chief Executive Officer of Hexicon.

Aker Offshore Wind and Hexicon announced their intention to jointly explore floating wind opportunities in Sweden and establish a joint venture in March.

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A few months later, the companies reported that they had opened public consultation for three floating wind projects and that they were working on receiving permits for seabed surveys.

The three floating wind farms are said to have a total installed capacity of several gigawatts. Two of the projects are planned to be built in the Baltic Sea and one in the Skagerrak strait in the North Sea.

Both Aker Offshore Wind and Hexicon have an in-house floating foundation solution, with Hexicon being the floating wind technology developer itself and Aker Offshore Wind holding a 47 per cent stake in the floating foundation developer Principle Power.

However, the companies said that in their joint venture they were technology agnostic for the purposes of the Swedish market and that they would work together on identifying the optimal technology solutions for each floating wind project.

NOTE: The original article has been amended to state that Aker Offshore Wind holds a 47 per cent stake in Principle Power, instead of almost 40 per cent.