By Dominic Chopping

Aker Horizons AS, a Norwegian investor in renewable energy and other emissions-reducing technologies, said Tuesday that its Aker Offshore Wind subsidiary and portfolio company Mainstream Renewable Power have agreed to merge.

The deal will create an enlarged renewable company with a 27 gigawatt portfolio across solar, onshore-wind and bottom-fixed and floating offshore-wind projects, it said.

Mainstream is a renewable-energy company with wind and solar assets across global markets. It is co-owned by Aker Horizons, Mitsui & Co. and Irish minority shareholders.

"The consolidation of Aker Horizons' interests in renewable energy will accelerate Mainstream's transformation into a global renewable-energy major with leading floating and fixed offshore-wind capabilities," said Kristian Rokke, Chief Executive of Aker Horizons and Chairman of Mainstream.

As part of the deal, Tove Roskaft has been appointed head of offshore wind at Mainstream. Ms. Roskaft has held a range of executive leadership positions during her 25-year career at the Aker group, across offshore products and operations as well as corporate management, most recently as chief operating officer of Aker Offshore Wind.

The transaction is expected to close in August 2022.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

July 12, 2022 03:25 ET (07:25 GMT)

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