Aker Offshore Wind and Mainstream Renewable Power target Japanese floating project

Developers in line to acquire shared 50% stake in US developer Progression Energy’s planned 800MW project

by Craig Richard 12 August 2021

Due to Japan’s deep waters, floating offshore wind is due to play a large role in meeting its offshore wind targets (pic credit: Japanese Wind Power Association)

Aker Offshore Wind and Mainstream Renewable Power have been selected as the preferred bidder to acquire a 50% stake in an 800MW floating offshore wind project being developed off Japan.

They will now enter exclusive negotiations with US-based Progression Energy with a view to setting up a special purpose vehicle (SPV) to continue developing the project together.

If a deal is struck, Aker Offshore Wind and Mainstream Power plan to split the 50% stake evenly, a Mainstream spokesman told Windower Monthly.

However, he could not confirm the location or name of the project, how much the partners would pay for a 50% stake, or when a final investment decision or project commissioning might take place.

Progression Energy is developing floating offshore wind projects in four markets globally.

Japan aims to install between 30GW and 45GW of offshore wind by 2040 as the country aims to reach carbon neutrality by 2050. Due to Japan’s deep waters, floating offshore wind is due to play a large role in meeting this target.