Aker Solutions invests in offshore floating wind power

Aker Solutions has formed an alliance with floating wind power technology company Principle Power.

Aker Solutions has purchased an initial five per cent stake in Principle Power and will increase this to 10 per cent by the end of this year. It can increase ownership at a later stage.

The companies are not disclosing the value of the transaction.

Aker Solutions Chief Executive Officer Luis Araujo said the partnership will help bring Principle Power’s floating foundation for offshore wind turbines, WindFloat, to a broader market.

Mr Araujo said offshore-installed capacity for wind power is expected to more than double by 2022 from 2016 levels amid a global push to use fuels with lower carbon emissions following the 2015 Paris agreement.