Mainstream Renewable Power and Ocean Winds Partner on Second Scotwind Floating Offshore Wind Site

LYSAKER, Norway, Aug. 17, 2023 /PRNewswire/ -- Mainstream Renewable Power ("Mainstream"), the global pureplay renewable energy company, and Ocean Winds, the international joint venture between EDPR and ENGIE dedicated to offshore wind energy, have partnered to develop a second ScotWind site of 500 MW east of Shetland, expanding the overall footprint of the Arven Offshore Wind Farm ("Arven") to 2.3 GW.

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Arven comprises two sites. The first is the 1.8 GW site east of the Shetland Islands which was awarded to the 50:50 joint venture between Mainstream and Ocean Winds as part of the ScotWind leasing process in 2022. Separately, Ocean Winds was awarded a 500 MW site in the same NE1 block. Mainstream has now completed its acquisition of a 50% shareholding in Ocean Wind's holding company and the two sites are now being developed jointly to maximise their potential.

Mainstream and Ocean Winds have a longstanding partnership. The companies are currently developing a 1.2 GW floating offshore wind farm in South Korea and are in a consortium for the upcoming Utsira Nord floating offshore wind tender in Norway. By extending this partnership and developing the two sites off Shetland, Mainstream and Ocean Winds will leverage their combined expertise to maximise benefits for Shetland and Scotland, create supply chain opportunities and jobs, whilst contributing to the UK's net zero ambition.

The partners have commenced early-stage local engagement, meeting with supply chain partners, local authorities and fisheries representatives.

Adam Morrison, UK Country Manager for Ocean Winds, said:

"The collaboration between Ocean Winds and Mainstream Renewable Power marks a significant milestone, combining our expertise and resources to develop our largest floating offshore wind farm to date. This experienced partnership will capitalise on delivery experience both in Scotland and internationally.

"We have already commenced surveys and a programme of early local engagement, including the fishing industry, and we are committed to working closely with the local community in developing this larger Arven project, which will be a significant driver for the energy transition."

Tove Røskaft, Head of Offshore Wind for Mainstream, said:

"Arven offers a unique combination of scale, world-class wind resource and routes to market which enable it to deliver a range of compelling benefits for the good of Shetland, Scotland and the UK.

"Mainstream has a solid track record in Scotland and the UK, having successfully developed the Neart na Gaoithe and the Hornsea zone which is the world's largest offshore wind farm in operation. This remains a core offshore wind market for Mainstream and we look forward, together with Ocean Winds, to continuing our engagements with Crown Estate Scotland and other key stakeholders."

About Arven Offshore Wind Farm

The Arven Offshore Wind Farm ("Arven") is a floating offshore wind project composed of two sites: one 1.8 GW site in the NE1 area east of the Shetland Islands, and another 500 MW site located to the south. Once operational, Arven has the capacity to generate enough energy to power up to two million homes. Arven is being developed by a joint venture between Mainstream Renewable Power and Ocean Winds under a 50:50 joint venture.

More information: www.arvenoffshorewind.com

About Ocean Winds

Ocean Winds (OW) is an international company dedicated to offshore wind energy and created as a 50-50 joint venture, owned by EDP Renewables and ENGIE. Based on our belief that offshore wind energy is an essential part of the global energy transition, we develop, finance, build and operate offshore wind farm projects all around the world.

When EDPR and ENGIE combined their offshore wind assets and project pipeline to create OW in 2019, the company had a total of 1.5 GW under construction and 4.0 GW under development. OW has been adding rapidly to that portfolio and is now on a trajectory to reach the 2025 target of 5 to 7 GW of projects in operation, or construction, and 5 to 10 GW under advanced development. In 2022, OW's offshore wind gross capacity already reaches 16.6 GW.

OW, headquartered in Madrid, is currently present in eight countries, and primarily targets markets in Europe, the United States, selected parts of Asia, and Brazil.

More information: https://www.oceanwinds.com

About Mainstream Renewable Power

Mainstream Renewable Power ("Mainstream") is a leading pure-play renewable energy company with a presence across Europe, Latin America, Africa, and Asia-Pacific, and the company has a global portfolio of 20.8 GW at Q2, 2023. In May 2021, Norway-based Aker Horizons acquired a majority stake in Mainstream and, in April 2022, Japan-based Mitsui & Co., Ltd. joined Aker Horizons as a long-term strategic investor. In addition to bringing forward industrial-scale onshore wind and solar projects around the world, we are advancing gigawatt-scale offshore wind projects in Vietnam, South Korea, Norway, Ireland, the UK, Sweden and Australia.

The company's growth trajectory and offshore wind ambition accelerated in 2022 with the integration of Aker Offshore Wind, combining world-class development and industrialization capabilities through the Aker group of companies with Mainstream's strong development and execution track record. Further to our ambition in the floating wind market, the company holds preferential rights to bankable floating foundation technology through ownership in Principle Power. Mainstream is currently developing a net capacity of 1.5 GW of floating offshore wind in Scotland and South Korea, and 1.3 GW of fixed bottom offshore wind in Vietnam.

More information: www.mainstreamrp.com

About Aker Horizons

Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy, carbon capture and hydrogen and develops industrial-scale decarbonization projects. As part of the Aker group, Aker Horizons applies industrial, technological and capital markets expertise with a planet-positive purpose to drive decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Across its portfolio, the company employs approximately 1,100 people in 18 countries on five continents. www.akerhorizons.com

SOURCE Aker Horizons