Aker Offshore Wind increases stake in Principle Power Inc
Aker Offshore Wind further increases its ownership in Principle Power Inc from about 39 percent to approximately 47 percent.
On December 16, 2020, Aker Offshore Wind through its subsidiary Vestavindar Offshore Wind AS, signed a binding share purchase agreement, which will see a transfer of about 8 percent of the share capital in Principle Power to the Aker company. The transaction value is in line with the most recent PPI equity transactions and will be funded by Aker Offshore Wind’s existing financial resources.
Principle Power’s proven floating wind technology is currently being deployed in pioneering industry pre-commercial projects such as WindFloat Atlantic off the coast of Portugal and Kincardine in the UK, where a 9.5MW turbine – the largest floating turbine to date – was recently installed.
“Principle Power is the leading technology player in the floating wind industry, and we look forward to taking an even more active ownership role and continue the work to drive down cost and accelerate the deep water wind industry together with the company and the other shareholders,” says Astrid Skarheim Onsum, Chief Executive Officer of Aker Offshore Wind.
The transaction is expected to close before the end of 2020.
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About Aker Offshore Wind
Aker Offshore Wind is an offshore wind developer headquartered in Norway with focus on assets in deep waters. With global operations, the current portfolio consists of development projects and prospects located in Asia, North America and Europe. Aker Offshore Wind effectively deploys cost effective technologies from decades of offshore energy development. The company is majority-owned by Aker Horizons, an investment company dedicated to creating value and reducing emissions from renewable energy and decarbonization technologies. Aker Offshore Wind [AOW-ME] is listed on Euronext Growth in Oslo, Norway.