Japan's JERA to Buy Belgium's Top Offshore Wind Firm for $1.7B

Katya Golubkova and Yuka Obayashi
Wednesday, March 22, 2023

Japan's top utility JERA has agreed to buy Belgium-based offshore wind energy producer Parkwind for 1.55 billion euros ($1.7 billion), as it expands in renewable power to meet decarbonization goals.

JERA, a joint venture between Tokyo Electric Power Company Holdings and Chubu Electric Power Co Inc will add Parkwind's four offshore wind farms in Belgium and a new wind farm being built in Germany to its renewable portfolio through the deal.

The acquisition will increase JERA's renewable energy assets, which also include existing offshore wind investments in Taiwan and the United Kingdom, to 2.8 gigawatts (GW) from 2.2 GW as of the end of 2022. 

"We want to gain Parkwind's know-how and knowledge of offshore wind power projects in Europe that can be utilized in JERA's existing wind farms and new projects mainly in Asia," Ken Matsuda, the head of JERA's overseas offshore wind power business group, told a news conference.

JERA aims to boost its renewable power assets to 5 GW by March 2026 through new development and acquisitions, he added.

Virya Energy, which agreed to sell Parkwind to JERA, will study the possibility of reinvesting in a minority stake in Parkwind's Belgian wind farms, JERA said. The deal is to be closed later this year, pending approvals.  

Parkwind currently runs 201 turbines off the coast of Belgium with a capacity of 771 megawatts, able to supply 800,000 households, and has another 1.1 GW in development worldwide, including in Germany and Ireland. 

JERA told Reuters this month it had decided to sell its 44% stake in the Formosa 3 wind project off the central-western coast of Taiwan, while keeping its exposure to the Formosa 1 and 2 projects. 

($1 = 0.9290 euros)


 (Reporting by Katya Golubkova and Yuka Obayashi, Editing by Louise Heavens and Jan Harvey)

Categories: Energy Renewable Energy Industry News Offshore Wind Activity Europe Asia Renewables

Related Stories

Yinson Production Nets DNV Approval for New FPSO Hull Design

Brownfield Output Decline Accelerates, says IEA

PV Drilling Takes Ownership of Noble Corporation’s Stacked Jack-Up Rig

Floating Offshore Wind Test Center Planned for Japan

Marco Polo Picks Salt Ship Design for Next-Gen Offshore Energy CSOV

CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam

Sapura Energy Rebrands to Vantris Energy

China Rolls Out 17MW Floating Wind Turbine Prototype

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Current News

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

Brownfield Output Decline Accelerates, says IEA

PV Drilling Takes Ownership of Noble Corporation’s Stacked Jack-Up Rig

Hanwha Ocean Enlists ABB for Singapore’s First Floating LNG Terminal

Aquaterra Energy Nets Subsea Analysis Contracts with INPEX off Indonesia

POSH Set to Tow Nguya FLNG from China to Eni’s Congo Field

Chinese Contractor Secures Offshore Oil and Gas ‘Mega Deal’ from QatarEnergy

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