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Aker Offshore Wind increases stake in Principle Power Inc

Aker Offshore Wind | November 18, 2020

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

“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,” she added.

Principle Power has an established track record from several years of offshore operations and 34,000 operating hours with its WindFloat foundation. 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. Three 8.4 MW WindFloat turbines are also successfully operating in the WindFloat Atlantic project off the coast of Portugal.

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

For further information, please contact:

Ivar Simensen, media contact, +47 46 40 23 17,

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.