Aker Horizons Announces First-Quarter Results 2022

Source: www.gulfoilandgas.com 4/29/2022, Location: Europe

Aker Horizons ASA, a developer of green industrial projects and technologies that accelerate the net zero transition, announced its financial results for the three months ended 31 March 2022. The company’s Net Asset Value (“NAV”) rose to NOK 17.0 billion in the first quarter of 2022 from NOK 16.9 billion at the end of the previous quarter.

Highlights:
· Aker Horizons announced mergers with Aker Offshore Wind and Aker Clean Hydrogen, and the intention to subsequently merge Mainstream Renewable Power and Aker Offshore Wind
· Mitsui & Co. invested EUR 575 million for a 27.5 percent ownership interest in Mainstream Renewable Power
· Aker Horizons agreed to sell its remaining position in REC Silicon for NOK 1.4 billion to Hanwha Solutions
· Mainstream Renewable Power divested Aela Energía to Innergex Renewable Energy for net proceeds of USD 114 million
· Several strategic partnerships were announced, including an MoU signed between Aker Carbon Capture and Microsoft, and a joint venture between Nordkraft and Aker Horizons
· Industrial progress was made across the portfolio, with Mainstream Renewable Power’s total portfolio of wind and solar projects increasing to 17.1 GW

"We are pleased to have strengthened Aker Horizons’ financial position by raising NOK 10.4 billion over the past two quarters. We see increased investment opportunities amid the need to accelerate the energy transition and strengthen energy security. Aker Horizons’ mission is to accelerate net zero. The transactions and partnerships announced this quarter will enhance our ability to originate and deliver mega-scale decarbonization projects and develop a global renewable energy major this decade,” said Kristian Røkke, CEO of Aker Horizons.

The increase in Aker Horizons NAV was driven by a NOK 2.4 billion value increase in Mainstream reflecting the Mitsui transaction valuation, partly offset by value decreases in listed assets. Gross asset value stood at NOK 22.9 billion at 31 March 2022, up from NOK 22.8 billion in the prior quarter.

Aker Horizons' liquidity reserve, including undrawn credit facilities, stood at NOK 5.5 billion as per 31 March 2022.

Portfolio Highlights
Mainstream Renewable Power welcomed Mitsui & Co. as a long-term strategic investor, as the leading Japanese general trading and investment firm invested EUR 575 million in the form of new common shares, corresponding to a 27.5 percent equity stake, in the company. This transaction values Mainstream at approximately EUR 2.1 billion on a 100 percent basis. Also in the first quarter, Mainstream reached commercial operations date (COD) for its 591 MW combined Condor wind and solar projects in Chile. Aker Horizons announced its intention to combine Aker Offshore Wind and Mainstream, thereby creating an industrially and financially stronger renewable energy developer.

Aker Offshore Wind continued to develop its portfolio, securing Electric Business Licenses in South Korea for a total of 1.32 GW, a key step to realizing one of the world’s first large-scale commercial floating wind projects. Together with Mainstream, Aker Offshore Wind also closed the transaction for an initial 50 percent stake in Progression Energy's 800 MW floating offshore wind project in Japan, an attractive early-stage development opportunity ideal for floating wind.

Aker Carbon Capture commenced work on the FEED for BP’s Net Zero Teesside gas-to-power facility, with a project capacity to capture and store up to 2 million tonnes CO2 per year. The company’s other portfolio projects are progressing according to plan, including the modular Just Catch CCU project at Twence's waste-to-energy plant in the Netherlands and the world’s first carbon capture plant at a cement facility at Brevik, Norway. Aker Carbon Capture signed a Memorandum of Understanding with Microsoft in March 2022 to pursue joint innovation and explore opportunities to offer services in the CCUS market.

Aker Clean Hydrogen advanced the maturing of its hydrogen projects in Norway and internationally, notably completing the feasibility phase of the Rjukan hydrogen hub and proceeding with concept selection. The company entered a series of partnerships with global industrial players such as Kuehne+Nagel, Grieg Edge and Aker BP to enable green fuel offtake in the maritime sector, and recently announced a collaboration agreement with PEAK group, a Norwegian logistics company with approximately 30 ships in operation. While the company exited from the Hegra project, it will continue to pursue opportunities to develop green hydrogen and ammonia projects jointly with Statkraft.

Subsequent events
Subsequent to the first quarter of 2022, Mainstream Renewable Power announced that it has commercialized its first development in Colombia by signing a deal to supply 180 GW hours of clean energy each year in a private power purchase agreement (PPA). Mainstream will build the 100 MW Andromeda solar PV plant, located in Toluviejo, Colombia, to supply the electricity to Air-e, a Colombian energy distribution company. The PPA has a tenure of 15 years and will come into effect from 2024.

On 25 April, Aker Horizons announced the agreement to establish a joint venture (JV) with Nordkraft to develop sites for power intensive-industries in Northern Norway. The venture is part of Aker Horizons' project to establish a green industrial hub in the Narvik region. The JV aims to develop attractive sites for power-intensive industries, with roads and other common infrastructure such as water supply, fiber access, and grid infrastructure for shared use, starting with acquiring Nordkraft's rights to the sites at Kvandal, Fjellbu, Balsfjord, Korgen and Straumsmo. Aker Narvik will hold an 80 percent stake in the JV and Nordkraft the remaining 20 percent.

On 26 April, Aker Horizons, through its portfolio company Aker Clean Hydrogen, and Statkraft

announced collaboration agreements to jointly explore opportunities for green hydrogen and ammonia production in India and Brazil, targeting local steel and fertilizer industries.


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