LogIn LogOut

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

November 2, 2022

©TEPCO
©TEPCO

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.”  



Current News

Lebanon Extends Offshore Exploration Licensing Round Deadline Again

Lebanon Extends Offshore Exploration Licensing Round Deadline Again

Wah Seong Wins $127M FPSO Topside Module Order

Wah Seong Wins $127M FPSO Topside Module Order

TotalEnergies Pulls Out of Russia's Novatek with $3.7B Write-down

TotalEnergies Pulls Out of Russia's Novatek with $3.7B Write-down

Proserv Secures SMS as Sampling Representative in Malaysia

Proserv Secures SMS as Sampling Representative in Malaysia

Gulf of Thailand: Valeura Energy to Buy Three Offshore Blocks from Mubadala Petroleum

Gulf of Thailand: Valeura Energy to Buy Three Offshore Blocks from Mubadala Petroleum

DEME, Penta-Ocean Unveil Upgraded Wind Turbine Installation Vessel Model

DEME, Penta-Ocean Unveil Upgraded Wind Turbine Installation Vessel Model

Petronas Makes 'Significant' Oil & Gas Discovery Offshore Malaysia

Petronas Makes 'Significant' Oil & Gas Discovery Offshore Malaysia
photo

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