Fornebu: Silta – News Desk
A developer of green energy and industry, today announced results for the third quarter 2024. Aker Horizons’ net capital employed stood at NOK 6.1 billion, a decrease of NOK 1.0 billion from the second quarter, mainly driven by impairments in Mainstream. The company reported a cash position of NOK 3.0 billion and an undrawn credit facility of EUR 500 million, giving available liquidity of NOK 8.8 billion.
Third quarter main developments:
The JV between Aker Carbon Capture (ACC) and SLB was renamed SLB Capturi and announced its first US-based project:
SLB Capturi was awarded a FEED contract by CO280 Solutions for a large-scale carbon capture plant at a pulp and paper mill on the US Gulf Coast.
The Board of Directors of ACC continues the process of determining the future strategy and structure of ACC and will communicate conclusions within Q1 2025.
Mainstream Renewable Power (Mainstream) is delivering on its pipeline in South Africa and focuses on business optimization:
The 50 MW solar project Ilikwa in South Africa reached financial close.
The commercial margin of the Andes platform in Chile improved in Q3. Mainstream is streamlining its business to focus on growth in core markets South Africa, Australia and the Philippines, with continued investment in key offshore projects.
“We are pleased to see ACC and SLB Capturi reaching material milestones this quarter to enter the important US carbon capture market. Mainstream will now embark on a business plan that focuses on growth in selected core markets. This will enable Mainstream to speed up the development of projects. Furthermore, we have continued to develop and explore options for Aker Horizon’s green hydrogen projects and the Powered Land sites. It is really encouraging to see the strong interest from the data center industry around our activities in the Narvik area”.
Aker Horizons reports net capital employed to reflect a portfolio composed mainly of unlisted assets. Net capital employed includes Aker Horizons’ initial investment in the portfolio company, adjusted for any profit or loss and any additional investments, adjusted for foreign exchange fluctuations. As of the third quarter, Aker Horizons had NOK 2.4 billion net capital employed in ACC, NOK 2.8 billion in Mainstream, NOK 543 million in AAD, NOK 197 million in SuperNode and NOK 242 million in other assets.