Mainstream and Aker close deal on Japanese floating wind project

Renewable energy developer Mainstream Renewable Power and Aker Offshore Wind have closed the transaction that will see them take an initial 50% stake in Progression Energy’s 800MW floating offshore wind project in Japan.

The project is in early-stage development, with the site having been identified in proximity to good grid connections.

The transaction was initially announced in August 2021, and with the closing thereof, the project can progress.

Mary Quaney, Chief Executive Officer of Mainstream, said: “We are delighted to partner with Aker Offshore Wind and Progression Energy to expand our growing offshore wind footprint in the APAC region, where we believe we will significantly contribute to the growth of the emerging Japanese offshore wind sector.

“This will support the wider decarbonisation of the economy and positively contribute to the country accelerating its net zero ambitions.”

Progression Energy’s team in Japan will be engaging with fishing unions and securing permits for the project.

Chris Swartley, Chief Executive Officer of Progression Energy, said: “In 2015, Progression Energy recognised that floating offshore wind would become a major segment of the offshore wind industry. Since that time, Progression Energy has originated floating projects in four markets globally. Japan has set a goal of zero emissions by 2050 with a strong focus on offshore wind.”

Japan’s Ministry of Economy, Trade and Industry (METI) plans to expand offshore wind energy capacity to 10GW by 2030, and project areas for offshore floating wind will soon be put to auction for interested companies to submit their proposals.