Aker Offshore Wind raises cash for Principle Power investment

Norway’s Aker Offshore Wind has completed a private placement, raising NOK300m ($33m) of which NOK180m has been used to increase its shareholding in offshore floating wind company Principle Power.

Aker exercised an option to increase its shareholding in Principle Power, raising its stake from 20% to 39%.

Astrid Skarheim Onsum, chief executive officer of Aker Offshore Wind, commented: “Principle Power is established as the industry leading provider of floating wind foundation technology, with more than 100MW of installed capacity by 2022.

“We will actively work with Principle Power and the other shareholders to further develop technology and drive down costs across the value chain to ensure the most competitive offering globally.”

Principle Power recently completed the installation of a 9.5 mw turbine in the Kincardine project, the biggest floating wind turbine in the world to date.

Aker Offshore Wind is an offshore wind developer with a focus on assets in deep waters. Its shareholders including EDPR, EDP Ventures, Repsol, ASM Industries and Tokyo Gas.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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