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    SIE   DE0007236101


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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Siemens : Mainstream and Siemens Revive Supply Chain-Led Partnership for ScotWind

08/02/2021 | 02:32am EDT
Mainstream Renewable Power and Siemens Financial Services (SFS), via Siemens
Project Ventures, have announced that their partnership has bid in the ScotWind
offshore leasing round.  

As part of the wider development consortium, world-leading technology suppliers
Siemens Gamesa Renewable Energy and Siemens Energy will work with Mainstream and
SFS from the very outset of the partnership as Tier One suppliers.

Combined, the group will create a dedicated multimillion pound fund to support
its joint commitment of developing a competitive local supply chain to underpin
the project's development. This will ensure a holistic and focused approach to
creating an indigenous Scottish supply chain across the entire development cycle
of the project.

The consortium has already achieved great success in developing a sustainable
offshore wind supply chain in Hull and the Humber, following its development of
the Hornsea zone.

The consortium enabled a competitive offshore-centred economy in the region,
including Siemens Gamesa's immensely successful blade manufacturing facility and
service hub located at Green Port, Hull. Combined, these activities have created
approximately 1,000 jobs.

The Mainstream-SFS consortium's objective is for similar benefits to be
replicated in Scotland, and for initial investments to kickstart long-term
positive economic impacts for local communities.

Scotland has enormous potential to become one of the world's leading centres for
offshore wind - and the consortium's approach will be to collaborate with
communities to ensure that this potential is realised equitably, delivering
tangible local benefits.

To this end, community engagement and investments into re-skilling, training,
employment and sourcing form a core part of the consortium's proposals, along
with decarbonising local industries.  

The consortium and its partners already have extensive experience and
commitments to Scotland, and plan to build on their established supply chains

Mainstream has developed and consented the 450 MW Neart na Gaoithe Offshore Wind
Farm, Siemens Gamesa has installed over 60 percent of Scotland's fully
operational offshore wind turbine capacity, and Siemens Energy has invested
almost £200 million into Scottish suppliers over the last five years while
delivering renewables and transmission projects.

The consortium and its partners are true renewable energy champions, all having
strongly contributed to creating the offshore wind market that exists today.
They are one of the most experienced offshore teams in the world:  

- Mainstream, with its local team based out of its Offshore Centre of Excellence
in Edinburgh, has developed 20 percent of the UK's offshore wind capacity in
operation or under construction

- SFS partnered with Mainstream to develop the record-breaking 2.6 GW Hornsea
wind farms

- SFS has invested equity in over 5 GW of offshore wind projects under
development, in construction or already operational

- Siemens Gamesa has installed almost 70 percent of all offshore wind turbines

- Siemens Energy has delivered more than half of Scotland's offshore wind
transmission capacity

The consortium seeks to accelerate Scotland's energy transition and will work
with local communities and industries to provide a platform for long-term

As well as demonstrating best practice in offshore wind development, the
partners will also look to mobilise their collective expertise to explore
ancillary technologies locally, including green hydrogen production.

By investing in this collaborative process from the early bidding stages, the
consortium aims to unlock the true potential of Scotland's energy and
engineering heritage for a new energy future.

Commenting on the bid, SFS Equity CEO, Steffen Grosse said: "This presents a
unique supply chain-led consortium, combining the extensive offshore wind
development experience of Mainstream and SFS with world-leading equipment
suppliers in Siemens Gamesa and Siemens Energy. 

"Our consortium's track record of success means we can deliver on our clear plan
to drive forward Scotland's green energy transition supported by the
transformation of the local Scottish supply chain."

On the importance of communities, Mainstream CEO Mary Quaney added:
"Mainstream's strong commitment to community engagement in Scotland is central
to what made the Neart na Gaoithe offshore wind farm a success.

"We've set the bar high, and with a highly experienced local team and Centre of
Excellence in Edinburgh, we're perfectly placed to deliver the next era of
offshore wind for the Scottish economy, supply chain and communities."

On the role of collaboration in developing supply chains, Siemens Gamesa CEO,
Andreas Nauen, said: "Powerful partnerships with purpose are crucial for Siemens
Gamesa as we work to unlock the potential of wind around the globe.

"Our years of experience in working with the consortium companies gives us great
confidence in the ScotWind process. We're hopeful that we can contribute to
establishing a Scottish renewable energy cluster, supporting Scottish suppliers
and also developing Scottish talent with schools and universities for the future
of the energy revolution."

Steve Scrimshaw, Vice President, Siemens Energy UK&I, said:  "Scotland will play
a vital role in meeting the UK's targets to increase offshore wind capacity to
40 GW. Through early involvement with Tier One suppliers, this brings a chance
to build on the successes the companies have had in delivering Scottish projects
in the past and further developing our already extensive supply chains."   

Kristian Røkke, Chairman of Mainstream Renewable Power and CEO of its majority
owner Aker Horizons, said: "As the majority owner of Mainstream, Aker Horizons
is excited to support this world-class supply chain-led consortium. The Aker
group has more than 40 years of history of supply chain and project delivery in
the Scottish offshore wind and oil and gas sectors.

"We are committed to drawing on our long history in Scotland to support the
consortium and help deliver a world-class indigenous supply chain."


Investor contact:
Christian Yggeseth, +47 915 10 000, christian.yggeseth@akerhorizons.com

Media contacts: 
Emmet Curley, +353 86 2411 690, emmet.curley@mainstreamrp.com 
Ivar Simensen, +47 46 40 23 17, ivar.simensen@akerhorizons.com

About Siemens Financial Services 

Siemens Financial Services (SFS) - the financing arm of Siemens - provides
business-to-business financial solutions. A unique combination of financial
expertise, risk management and industry know-how enable SFS to create tailored
innovative financial solutions. With these, SFS facilitates growth, creates
value, enhances competitiveness and helps customers access new technologies. SFS
supports investments with equipment and technology financing and leasing,
corporate lending, equity investments and project and structured financing.
Trade and receivable financing solutions complete the SFS portfolio. With an
international network, SFS is well adapted to country-specific legal
requirements and able to provide financial solutions globally. Within Siemens,
SFS is an expert adviser for financial risks. Siemens Financial Services has its
global headquarters in Munich, Germany, and has almost 3,000 employees

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 13 Gigawatts (GW) of wind and solar assets across Latin
America, Africa, Asia Pacific as well as the global offshore wind sector. In May
2021, it closed an agreement for Aker Horizons to take a 75% equity stake in the
company, enabling Mainstream to accelerate its global expansion plan to bring
5.5 GW of assets to financial close by 2023.

Mainstream is the most successful independent developer of offshore wind at
scale globally.  It has successfully consented Hornsea One (1.2 GW), the largest
operational offshore wind plant in the world today; and developed the Hornsea 2
project (1.4 GW)  before selling these projects and the entire Zone in 2015.
Overall, it has developed and later divested projects representing 22 percent of
the UK's offshore wind capacity either in operation or under construction. 
Mainstream fully consented the Neart na Gaoithe offshore wind project in
Scotland, 450 MW, currently under construction.  Mainstream's Soc Trang 1.4 GW
offshore wind development in Vietnam is one of South East Asia's largest
renewable energy developments. 
Mainstream has raised more than EUR3.0bn in project finance to date and employs
more than 340 staff across five continents. www.mainstreamrp.com

About Aker Horizons 

Aker Horizons ASA is a planet-positive investment company dedicated to
developing companies within renewable energy and other 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 majority stakes in Aker Carbon Capture, Aker Clean Hydrogen, Aker
Offshore Wind and Mainstream Renewable Power.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

Stocks mentioned in the article
ChangeLast1st jan.
SIEMENS AG -2.81% 143.14 Delayed Quote.21.80%
SIEMENS ENERGY AG -1.66% 23.67 Delayed Quote.-21.83%
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Sales 2021 61 510 M 71 869 M 71 869 M
Net income 2021 5 972 M 6 978 M 6 978 M
Net Debt 2021 34 563 M 40 384 M 40 384 M
P/E ratio 2021 19,3x
Yield 2021 2,49%
Capitalization 114 B 133 B 134 B
EV / Sales 2021 2,42x
EV / Sales 2022 2,24x
Nbr of Employees 299 000
Free-Float 88,0%
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