The two companies will start exclusive talks with Progression Energy to establish a Special Purpose Vehicle (SPV) for the project development
Floating offshore wind project in Japan. (Credit: Mainstream Renewable Power.)
Mainstream Renewable Power and Aker Offshore Wind has been selected as the preferred bidder to acquire an initial 50% stake in Progression Energy’s 800MW floating offshore wind project in Japan.
The two companies will start exclusive talks with Progression Energy to establish a Special Purpose Vehicle (SPV) in few weeks for the development of the project.
The three companies are expected to work together as a consortium, combining their capabilities and experience.
Aker Offshore Wind will contribute its offshore and floating expertise, Mainstream its experience in offshore wind development and Progression Energy its floating offshore wind development experience.
Progression Energy CEO Chris Swartley said: “In 2015, Progression recognised that floating offshore wind would become a major segment of the offshore wind industry.
“Since that time, Progression 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.
“We are excited to bring Aker Offshore Wind and Mainstream Renewable Power on board and believe the two companies, working in partnership, bring a unique set of strengths that will be vital in helping us advance our project to Final Investment Decision.”
According to the Japan’s Ministry of Economy, Trade and Industry (METI), the nation aims to expand its offshore wind energy capacity to 10GW by 2030 and 30-45GW by 2040.
Recently, Mainstream Renewable Power has opened 145MW Rio Escondido solar farm, the first among the ten assets in the company’s Andes Renovables platform in Chile.
The platform comprises seven wind and three solar farms, and contributes 1.35GW of renewable energy to the Chilean grid by 2022.
It is expected to generate adequate electricity to supply the equivalent of 20% of the energy consumed by regulated customers in the country.
The Rio Escondido solar farm features more than 436,000 solar panels, installed in a site spanning more than 430ha in the district of Tierra Amarilla in the Atacama Region in Chile.