Mainstream Renewable Power Secures Investment Decision from Provincial Government for Flagship Offshore Wind Project in Vietnam

· The 1.4 GW Phu Cuong Soc Trang offshore wind project, being developed as a
joint venture between Mainstream Renewable Power and the Phu Cuong Group, is
located off the southern coast of Vietnam and will be the largest offshore wind
farm in South-East Asia
  · The first 200 MW of the project has received a Decision on Investment and an
Investment Registration Certificate (IRC) from the Soc Trang Province,
representing a significant step towards financial close, expected in 2022

In a vital step for the Phu Cuong Soc Trang Offshore Wind Farm, Mainstream
Renewable Power ("Mainstream") today announces its receipt of a Decision on
Investment and an Investment Registration Certification (IRC) from the
provincial government of Soc Trang for the first 200 MW of the offshore wind
farm. The project, once fully complete, will have a capacity of up to 1.4 GW and
will generate enough electricity to power over 1.6 million homes, as well as
mitigating 1.8 million tonnes of carbon dioxide emissions each year.

The project is anticipated to reach financial close in 2022, enabling first
power to commence as early as 2023.

The project is a joint venture between Mainstream and its Vietnamese partner the
Phu Cuong Group, with Mainstream owning 70 percent of the asset and the Phu
Cuong Group owning the remaining 30 percent.

The project follows a multi-stage development approach, with 200 MW of capacity
set to be delivered in phase 1 and the remaining 1.2 GW to be developed
thereafter. Today's announcement represents a significant milestone for
Mainstream's presence in Vietnam. The project has already completed its wind
measurement campaign and other site studies, and the procurement process to
secure a wind turbine supplier and balance of plant contractor is well advanced.


Moving forward, Mainstream will work closely with EVN, Vietnam's national
electricity company, to finalise the grid connection agreement, as well as the
project's Power Purchase Agreement (PPA).

Mainstream, which his owned 75 percent by Aker Horizons, has been present in
Vietnam since 2016 where it is developing 2.3 GW of solar and offshore wind
assets.

Cameron Smith, Mainstream's General Manager for APAC, said:

"We are excited to be a part of Vietnam's energy transition with the Phu Cuong
Soc Trang project, which is being developed to the highest international
standards, drawing on Mainstream's extensive experience. Being leaders in
renewable development in many countries, we understand the importance of
community engagement, and we are pleased to have had such positive support from
the Soc Trang community.

We commend the government for the progress made in encouraging the development
of renewable energy in Vietnam to date. The Phu Cuong Soc Trang project promises
to be a catalyst for the development of a true offshore wind industry of a scale
that will promote the achievement of net zero by 2050."

Mr Nguyen Viet Cuong, Chairman of the Phu Cuong Group, said:

"The Phu Cuong Soc Trang offshore wind farm is an essential investment in
Vietnam's clean energy infrastructure and will make a major contribution towards
the country's carbon neutrality roadmap. This wind farm, which will be the
largest in the region, will play a key role in accelerating the development of
Vietnam's economy by promoting the growth of industrialization. The government's
supportive policies to promote renewable energy are important for promoting
foreign direct investment in co-operation with Vietnamese partners."

ENDS

For further information, please contact:

Ivar Simensen, Communications, Tel: [phone],
[e-mail]

Christian Yggeseth, Investor Relations, Tel: [phone],
[e-mail]

Emmet Curley, Head of Communications & Positioning, Tel P: [phone]
690, [e-mail]

About Mainstream

Mainstream Renewable Power is a leading pure-play renewable energy company with
a global footprint. The company is focused on expanding its high-quality
pipeline of more than 16.2 Gigawatts (GW) of wind and solar assets across Latin
America, Africa, Asia Pacific as well as the global offshore wind sector. In
2021, Aker Horizons acquired a 75 percent equity stake in the company, enabling
Mainstream to accelerate its global expansion
plan.  www.mainstreamrp.com (https://nam12.safelinks.protection.outlook.com/?url
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About Aker Horizons

Aker Horizons ASA is a planet-positive investment company dedicated to
developing companies within renewable energy and technologies that reduce
emissions or promote sustainable living. The company is listed on the Oslo Stock
Exchange and majority-owned by Aker ASA. Aker Horizons' investment portfolio
includes stakes in Aker Carbon Capture, Aker Clean Hydrogen, Aker Offshore Wind
and Mainstream Renewable Power. www.akerhorizons.com

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