Aker Horizons raises USD 117m to scale up green power projects

• Aker Horizons ASA (OSE: AKH), the renewables platform controlled by Norway's Aker ASA (OSE: AKER), has actually raised NOK 1 billion (USD 116.7 m/EUR 100.9 m) to strengthen its balance sheet ahead of additional financial investments in wind and solar subsidiary Mainstream Renewable Power Ltd as well as new green worth chains projects.

Aker claimed after close of trading on Friday that under the completed exclusive placement, it is issuing about 29 million brand-new shares at a rate of NOK 34.50 each. The cost did not represent a significant price cut to the business's close on the day, bourse data shows.

Scotland-based property manager Baillie Gifford subscribed for 13.5 million shares in the offering, equal to a stake of 4.6% in the Norwegian renewables business. Last month, Baillie Gifford likewise nearly doubled its stake in Aker Horizons' portfolio firm Aker Carbon Capture to 12.59%.

Aker Horizons stated it will certainly use the profits to improve financial investment in existing portfolio companies. In May, the Norwegian business closed the purchase of a 75% stake in Mainstream Renewable Power. The latter is currently developing 1.4-GW wind and also solar properties in Chile and over the summer season launched the 1-GW Chilean renewable resource platform Nazca. In late October, a consortium led by Mainstream became the favored bidder for 12 South African wind and solar projects with 1.27 GW of overall capability.

Last Tuesday, Aker Horizons announced 2 investments for NOK-290-million to create green worth chains for power-intensive markets in Narvik, northern Norway.