Aker Horizons ASA, a leader in green energy and industry, announced its third-quarter 2022 results, with its Net Asset Value (NAV) decreasing to NOK 16.5 billion, down from NOK 17.4 billion in the previous quarter. The decline was attributed mainly to the reduced value of Aker Carbon Capture, while the company continued to make significant strides in its renewable energy portfolio.

Key third-quarter highlights include the completion of the merger between Mainstream Renewable Power and Aker Offshore Wind. This strategic move positions Mainstream as a global leader in offshore wind, with a combined 19 GW net global pipeline of projects across solar, onshore, and offshore wind under development, construction, and operation. Additionally, Mainstream signed an agreement to sell Lekela Power, Africa’s largest renewable energy independent power producer, further strengthening its financial position.

Another notable achievement was Mainstream and Ocean Winds being named preferred bidders for a 1.8 GW offshore wind farm site near the Shetland Islands in Scotland. Aker Horizons also advanced its hydrogen project in Rjukan, signing a land lease agreement and Power Purchase Agreement with the local municipality for the 20 MW first phase.

Despite facing market headwinds, including inflation, supply chain disruptions, and delays in permitting, CEO Kristian Røkke expressed optimism, noting that project returns are showing signs of improvement. Aker Horizons’ liquidity remained strong, with a reserve of NOK 9.7 billion as of September 30, 2022.

The company’s gross asset value stood at NOK 22.6 billion at the end of the quarter, down from NOK 23.4 billion, reflecting the overall market environment. Looking ahead, Aker Horizons aims to drive down costs and increase standardization and digitalization across its portfolio, positioning itself for future growth.