Statkraft and Aker Offshore Wind energy explore project opportunities in Norway

Statkraft, Europe’s largest renewable energy producer,?Aker Offshore Wind?and Aker Horizons?have?signed a?cooperation?agreement?to?explore?offshore wind?power project?opportunities?in Norway.?

The companies will?combine?their?strong, complementary?skills and expertise?to work together?to?explore?the possibility?to develop, operate and deliver?power from?commercial scale offshore wind facilities in Norway.

Last year, the Norwegian government announced it will open for applications for licenses for the development of wind power in two areas in the North Sea, namely “Utsira?Nord” and “Sørlige?Nordsjø?II”.?The cooperation will explore the opportunity for bottom-fixed offshore wind at Sørlige Nordsjø II (“SN2”), for which the companies will establish an integrated project team, 50/50 split between Aker Offshore Wind and Statkraft, for joint preparation and submission of an acreage application and further development activities.

Statkraft’s ambition is to be a world leader in renewable energy and?as part of this, is building out a significant presence as a wind and solar developer. The company?sees an opportunity to build on?these?existing skills?and explore offshore wind?possibilities?in Norway?together with Aker Offshore Wind?and Aker Horizons.?The opportunity is driven by?falling?investment?costs,?the location?of “SN2”?project facilitating?export?of?the power produced offshore?to other European markets and the electrification of?Norwegian?oil & gas installations.?

“By entering a cooperation with Aker Horizons and Aker Offshore Wind, we are exploring a value-creative opportunity in Norway. We have expertise in the development and operations of wind power and have previously been engaged in offshore wind in the UK. Strong growth, falling technology costs and a changed competitor landscape indicates that offshore wind will take a larger role in the European energy transition; therefore, we see the cooperation with Aker as an opportunity for substantial value creation and accelerate Europe’s green transition,” says Statkraft Chief Executive Officer Christian Rynning-Tønnesen.

“Statkraft has been making clean energy possible for over a century. A partnership that couples Europe’s largest renewable energy producer with Aker’s 180-year track record and industrial expertise, especially on the NCS, has the potential to redefine Norway as an energy nation. Norway’s leading offshore industry, including a strong supplier industry, means we already have the building blocks and capabilities in place to be at the forefront of the energy transition. We look forward to working with Statkraft to develop the offshore wind industry further, reducing emissions and creating new jobs for the future,”?says Øyvind Eriksen, President and Chief Executive Officer of Aker ASA and Chairman of Aker Horizons.?

Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 4,000 employees in 17 countries.

Aker ASA (Aker) is an industrial investment company with ownership interests concentrated in oil and gas, renewable energy and green technologies, maritime assets, marine biotechnology, and industrial software. Aker exercises active ownership to create values, combining industrial expertise with financial strength and capital market expertise. Through its board positions, Aker helps to develop and strengthen each portfolio company by driving strategy developments, operational improvements, financing, restructurings and transactions. Aker is the largest shareholder, directly or indirectly, in 11 companies listed on the Oslo Stock Exchange.

Aker Offshore Wind is an offshore wind developer headquartered in Norway with focus on assets in deep waters. With global operations, the current portfolio consists of development projects and prospects located in Asia, North America and Europe. Aker Offshore Wind effectively deploys cost effective technologies from decades of offshore energy development. The company is majority-owned by Aker Horizons, an investment company dedicated to creating value and reducing emissions from renewable energy and decarbonization technologies. Aker Offshore Wind [AOW-ME] is listed on Euronext Growth in Oslo, Norway.

Aker Horizons is an investment company dedicated to developing companies that solve fundamental challenges to sustainable existence on our planet – or planet-positive investing. The company invests in and develops companies within renewable energy sectors and other technologies that make material contributions to reducing emissions or promote sustainable living. Aker Horizons leverages the significant industrial and financial capabilities of the Aker group to identify and develop portfolio companies.