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

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production Closes $1B Investment to Drive Further Growth

Wood JV Gets EPC Job for Shell off Brunei

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

CNOOC Starts Production at Offshore Field in South China Sea

MODEC, Carbon Clean to Advance FPSO-Mounted Carbon Capture Tech

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

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

CIP Reaches Financial Close for Offshore Wind Farm in Taiwan

Current News

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

Yinson Production Closes $1B Investment to Drive Further Growth

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

Wood JV Gets EPC Job for Shell off Brunei

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

French Oil Major Acquires Interests in Multiple Blocks in Southeast Asia

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