Aker Offshore Wind, Aker Horizons to Complete Merger This Month

The merger between Aker Offshore Wind (AOW) and Aker Horizons is expected to be completed after close of trading on the Oslo Stock Exchange on 17 June, which accordingly will be the last day of trading in the AOW shares on Euronext Growth Oslo, the company said in its latest trading update.

Aker Offshore Wind; Illustration

As announced on 30 March, this will be a triangular merger between Aker Offshore Wind, Aker Horizons’ subsidiary AH Tretten AS as the surviving entity, and Aker Horizons as the issuer of merger consideration shares.

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Aker Horizons said in March that it intended to combine Aker Offshore Wind with its portfolio company Mainstream Renewable Power, saying there was a strong industrial logic for combining the two companies, including complementary footprint and capabilities, increased scale, and improved access to financing for Aker Offshore Wind projects.

Aker Offshore Wind and Mainstream Renewable Power already hold a joint 50 per cent ownership stake in Progression Energy’s 800 MW floating wind project in Japan.

As for Aker Offshore Wind, its net portfolio of offshore wind projects jumped from 1.5 GW in 2020 to 3.5 GW at the end of 2021, with the company’s gross portfolio now at more than 7 GW.

On 1 March, the company’s portfolio of projects and prospects on a gross basis included: the 1.2 GW KF Wind project in South Korea, up to 3 GW across three Freja Offshore projects planned in Sweden, 2 GW across two projects planned for Norwegian auction, 800 MW in Japan, and 200 MW in California, the US.

Mainstream, which recently made an investment decision for the first 200 MW of the 1.4 GW Phu Cuong Soc Trang offshore wind project in Vietnam, has delivered 6.5 GW of assets to financial close-ready stage, including the Hornsea zone, the world’s largest offshore wind farm in operation today.

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