Mainstream Renewable Power (“Mainstream”), the global renewable energy company, and Ocean Winds, the international company dedicated to offshore wind energy, have been appointed preferred bidder by Crown Estate Scotland for an area with the potential for a 1.8 GW offshore wind farm off the Shetland Islands in Scotland.
Mainstream and Ocean Winds, as the preferred bidders, are now offered the opportunity to enter into an option agreement for the site which is located east of the Shetland Islands in approximately 100m water depth and is well suited for floating offshore wind. The project partners, which hold a 50-50 ownership, are committed to developing floating offshore wind on an industrial scale in Scotland, generating local jobs and opportunities in Scotland and the Shetland Islands. The site output is expected to power for the equivalent of over 2 million homes and save 3 million tonnes of carbon emissions each year.
Commenting on the award, Mainstream’s Chief Executive Officer, Mary Quaney, said: “This is a very significant win for Mainstream which plays to our key strengths as a global leader in floating offshore wind technology as well as our track record in offshore wind project development. In Scotland we have already developed the 450MW Neart na Gaoithe Offshore Wind Farm and we now look forward to working with all stakeholders to further develop and strengthen Scotland’s offshore wind industry and help position it a global leader in floating offshore wind power.”
Commenting on the partnership, Bautista Rodriguez, Ocean Winds’ Chief Executive Officer, said: "We are proud of the strength that Ocean Winds and Mainstream Renewable Power teams have combined to secure this major new project. As Ocean Winds, we are looking forward to using our more than 10-year expertise as pioneer in floating offshore wind farms from development to operation to progress this large floating project awarded with Mainstream, as well as the 500 MW floating project also awarded to Ocean Winds during this clearing round. Both will bring major benefits to Shetland and Scotland, and an important contribution to Net Zero.”
Mainstream and Aker Offshore Wind recently completed a transaction to combine the two companies to create a stronger renewable energy company with more than 27 GW net portfolio. Combining Aker Offshore Wind’s strong technical and engineering capabilities and early mover position in floating offshore wind with Mainstream’s proven project development methodology, execution track record and global presence unlocks new opportunities worldwide. The company is currently bringing forward multi-gigawatt scale developments of offshore wind assets in markets including Vietnam, South Korea, Japan, Norway, Ireland, the UK and Sweden.
Mainstream, through its recent combination with Aker Offshore Wind, has already partnered with Ocean Winds in the joint venture KF Wind in South Korea and are in consortium to bid in the upcoming leasing round for floating wind at Utsira Nord in Norway. Mainstream and Ocean Winds are also major shareholders of the leading floating wind technology provider Principle Power.
Ocean Winds was created as a 50-50 joint venture in 2020 by EDP Renewables and ENGIE. The company is one of Scotland’s leading offshore wind developers, with 950 MW currently in operation at Moray East and 882 MW in late development stage at Moray West. In January 2022, Ocean Winds was successful in its ScotWind bid, the Caledonia Offshore Wind Farm, with a plan for up to 2GW.
For further information, please contact:
Emmet Curley, media contact, +353 86 241 1690, Emmet.Curley@mainstreamrp.com
Maria Lanza Knudsen, media contact, +47 48 44 24 26, maria.knudsen@akeroffshorewind.com
Christian Yggeseth, investor contact, +47 915 10 000, christian.yggeseth@akerhorizons.com
ABOUT MAINSTREAM RENEWABLE POWER
Mainstream Renewable Power is a leading pure-play renewable energy company, with wind and solar assets across global markets, including in Europe, the Americas, Africa, and Asia-Pacific. Mainstream is one of the most successful developers of gigawatt-scale renewables platforms, across onshore wind, offshore wind, and solar power generation. It has successfully delivered 6.5 GW of wind and solar generation assets to financial close-ready and has a global portfolio of more than 27 GW.
In May 2021, Aker Horizons acquired a majority stake in Mainstream and, in April 2022, Mitsui & Co., Ltd. joined Aker Horizons as a long-term strategic investor. In August 2022, the transaction to integrate Aker Offshore Wind into the Mainstream Group was completed.
Mainstream is one of the leading developers of offshore wind at scale globally. It has successfully consented Hornsea One (1.2 GW), the largest operational offshore wind plant in the world today; and developed the Hornsea 2 project (1.4 GW) before selling these projects and the entire Zone in 2015. Mainstream fully consented the Neart na Gaoithe offshore wind project in Scotland, where 450 MW is currently under construction. Overall, it has developed and consented 20% of the UK’s offshore wind capacity either in operation or under construction. The company is currently bringing forward multi-gigawatt scale developments of offshore wind assets in markets including Vietnam, South Korea, Japan, Norway, Ireland, the UK, and Sweden.
Mainstream, through Aker Horizons’ ownership and its combination with Aker Offshore Wind, will leverage the decades of offshore energy development experience through the Aker group. Aker has been instrumental in the design and deployment of more than half of all semisubmersible floating offshore installations in the world and has over four decades of experience in Scotland, including a global subsea centre of excellence.
Mainstream has raised more than EUR 3.0 billion in project finance to date and employs over 650 people across five continents.
ABOUT OCEAN WINDS
OW is a 50-50 offshore wind joint venture, owned and created by EDP Renewables and ENGIE. Both companies believe that offshore wind energy has become an essential part of the global energy transition, leading to rapid growth in the sector and increased competitiveness. That is why they have included all their existing and pipeline offshore portfolio in the new company.
OW has a strategic advantage and is well-positioned to play a leading role in the offshore market. OW primarily targets markets in Europe, the United States, Asia and new markets like Brazil, from where most of the growth is expected to come. Now with 14 projects adding up into a 13.6 GW portfolio, OW is a leader in the global market.