Wednesday 18 November 2020

Aker Offshore Wind has increased its ownership in Principle Power Inc from approximately 20 percent to an expected 39 percent, after exercising an option to buy further shares in the floating wind technology company.

“Principle Power is established as the industry leading provider of floating wind foundation technology, with more than 100MW of installed capacity by 2022,” said Astrid Skarheim Onsum, Chief Executive Officer of Aker Offshore Wind. “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,” she added.

Principle Power has an established track record from several years of offshore operations and 34,000 operating hours with its WindFloat foundation. The company recently saw the installation of a 9.5 MW turbine in the Kincardine project, the biggest floating wind turbine in the world to date. Three 8.4 MW WindFloat turbines are also successfully operating in the WindFloat Atlantic project off the coast of Portugal.

The transaction has a value of approximately NOK 180 million. The acquisition of shares is funded by the proceeds from the private placement completed on November 16.