#Norway #Aker Horizons #Fornebu #Morten Henriksen #Mainstream Power

Major Leadership Change at Mainstream Renewable Power

Mainstream Renewable Power, renowned for its commitment to wind and solar energy, has initiated a significant leadership transition by naming Morten Henriksen as the new Group CEO starting April 1, 2025. This appointment marks a pivotal moment for the company, which is primarily owned by Aker Horizons ASA. Henriksen succeeds Mary Quaney, who has been instrumental in steering the company through a transformative phase over the past five years.

Henriksen joins Mainstream after serving as the CEO of Gassnova, Norway's state-owned carbon capture and storage enterprise. He brings a wealth of experience to his new role, having held various executive management positions within the energy sector in Norway and abroad, including leadership roles at Arendals Fossekompani and Statkraft. His diverse background also encompasses multiple board positions, showcasing a depth of expertise in the energy landscape.

As Mainstream embarks on this new chapter, the company has updated its strategic direction, focusing on significant cost reductions and honing in on three key markets: South Africa, Australia, and the Philippines. The relocation of its headquarters from Dublin to Oslo during the first half of 2025 is part of a strategic initiative to reduce operating costs by approximately 65% by 2026, compared to 2023 levels.

Kristian Røkke, Chairman of Mainstream, expressed gratitude towards Mary Quaney for her leadership, stating, “Her guidance has been pivotal in navigating industry-wide transformation with resilience and integrity.” Røkke elaborated that Henriksen’s extensive experience and profound sector knowledge are vital for positioning Mainstream for forthcoming growth opportunities.

In his first public statement as CEO, Henriksen conveyed excitement about leading Mainstream into its future. He emphasized the company's readiness to harness emerging opportunities, aiming to establish a streamlined and focused renewable energy leader in its core markets. “We will create value through robust project execution, a lean cost structure, and capital efficiency,” he stated.

Henriksen's leadership comes at a time when the global energy market is evolving rapidly, demanding innovative approaches to renewable energy development. Mainstream, recognized as a leading developer of large-scale renewable projects, has successfully delivered 6.6 GW of wind and solar generation assets that are ready for financing. With a global project portfolio totaling 22.7 GW, the company is positioned to capitalize on the growing demand for renewable energy solutions worldwide.

Moving forward, Mainstream Renewable Power aims to lead the charge in the renewable energy sector, leveraging Henriksen’s strategic vision and the company's strong project execution capabilities. With the transition to a new CEO, the company is set to reinforce its commitment to driving the global shift towards sustainable energy solutions while enhancing its operational efficiency and market presence in the coming years.

For media inquiries, please contact:

• - Jonas Gamre, Investor Relations: +47 97 11 82 92, email [email protected]
• - Mats Ektvedt, Media: +47 41 42 33 28, email [email protected]

About Aker Horizons

Aker Horizons is focused on developing green energy and industries to facilitate the transition toward Net Zero. The company operates in renewable energy, carbon capture, and sustainable industrial asset management, employing its expertise to advocate for global decarbonization efforts.

About Mainstream Renewable Power

Mainstream Renewable Power is a premier player in the renewable energy field, possessing substantial wind and solar resources across Europe, Latin America, Africa, and the Asia-Pacific. The company has distinguished itself as a leader in the global renewable energy market, driving innovation with the capacity to manage gigawatt-scale projects.