The project is a well-formed early-stage development asset.
The two companies will now enter into exclusive negotiations with Progression Energy with a view to establishing a Special Purpose Vehicle (SPV) in the coming weeks, to continue collectively developing the project.
As a consortium, the three companies bring together unique capabilities and experience through Aker Offshore Wind’s offshore and floating expertise, Mainstream’s global leadership position in offshore wind development and Progression Energy’s global floating offshore wind development experience and strong position in Japan.
"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," said Chris Swartley, CEO of Progression Energy.
"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.”