Aker Solutions has invested in floating wind power technology company Principle Power, forming an alliance that brings its offshore oil and gas field engineering expertise into a fast-growing renewable energy market.

Aker Solutions believes that its capabilities in floating facilities could help bring Principle Power’s technology - a floating foundation for offshore wind turbines, known as WindFloat - to a broader market.

“We see a major opportunity in offshore floating wind where demand is growing in the transition to a low-carbon future,” said Aker Solutions chief executive officer Luis Araujo. “Combining our capabilities with Principle Power’s technology will help advance floating solutions for offshore wind, reducing costs and risks for customers and spurring further growth in the sector.”

“Partnering with Aker Solutions will strengthen our leading market position and accelerate the wider development of the offshore wind industry, with floating wind acting as a key industry enabler at a time when demand is increasing globally,” said João Metelo, chief executive officer of Principle Power.

Aker Solutions purchased an initial 5 percent stake in Principle Power and will increase this to 10 percent by the end of this year. It has the option to increase ownership further at a later stage. The companies have not disclosed the value of the transaction.