Japan's TEPCO to Buy Scottish Floating Wind Firm Flotation Energy

Wednesday, November 2, 2022

Japan’s electricity utility Tokyo Electric Power Company (TEPCO) is set to acquire the Scottish floating wind specialist Flotation Energy. This is TEPCO's first investment in overseas wind power.

Floation Energy founders Allan MacAskill and Lord Nicol Stephen developed Kincardine, the world’s largest floating windfarm in operation.

Flotation Energy currently has interests in Morecambe in the Irish Sea (bottom-fixed, 480MW) and White Cross in the Celtic Sea (floating offshore, 100 MW). In addition, the company is developing 13 separate projects totaling more than 12,000MW of wind farm capacity across the UK, Ireland, Taiwan, Japan and Australia.

"The company is growing quickly, with the focus on delivering more than 12 GW of commercial scale fixed and floating offshore wind farms and has plans to expand into many more key markets. Flotation Energy is already a Joint Venture Partner in the UK Round 4 Morecambe Project; and White Cross 100 MW floating project in the Celtic Sea," Flotation Energy said.

"With TEPCO’s experience and its resources, Flotation Energy is in an even stronger position to help decarbonise countries around the globe," the company added.


Lord Nicol Stephen, CEO & Co-founder of Flotation Energy, said: "This is a very exciting development for Flotation Energy and recognises the strength and success of our world class team.  We have pioneered the growth of floating wind across the globe and have a very significant pipeline of projects in the UK, Ireland, and Asia Pacific. 

This new partnership between Scotland and Japan represents a major commitment by TEPCO.  It will allow us to move forward quickly with our existing projects and to kick start new opportunities right around the world.  Climate change is the biggest challenge facing our planet. A future of clean, green renewable energy has always been our goal.” 

Masashi Nagasawa, TEPCO Renewable Power President said:  "We are very pleased and heartened to partner with Flotation Energy, which shares our mission to "deliver clean renewable energy and create a carbon neutral society" as we work together to further develop both companies.

“Flotation Energy’s experience and knowledge of the world's biggest floating offshore wind development and their global network will vastly accelerate the development of our offshore wind business both domestically and internationally. Through our collaboration, we will realise our management philosophy of, “Harnessing the Natural Resources to Energy, and further Society” on a global scale.”  

Categories: Energy Renewable Energy Offshore Wind Activity Europe Asia Renewables

Related Stories

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Yinson Production Closes $1B Investment to Drive Further Growth

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Turkey Discovers New Black Sea Gas Reserve

Borr Drilling Bags Three New Assignments for its Jack-Up Drilling Rigs

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Current News

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com