Dutch energy company Eneco has reached an agreement with Chubu Electric Power for the sale of its 30% stake in Ecowende for an undisclosed amount.

Ecowende, a joint venture between Eneco and Shell, is behind the development of the 760MW Hollandse Kust West (HKW) Site VI offshore wind project, 53km from the north-west coast of the Netherlands.

The project is a significant step forward for the country’s renewable energy expansion and will supply 3% of its current electricity demand.

The sale of the stake to Chubu Electric Power is a strategic move by Eneco to bolster its investment in renewable energy projects and hasten the energy transition.

The transaction will reduce Eneco’s shareholding in Ecowende from 40% to 10%.

The deal will be finalised in the second quarter of this year.

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By GlobalData

Eneco CEO As Tempelman stated: “I am very pleased with Chubu’s participation in Ecowende. Our strategic partnership is much valued, and this arrangement will intensify our collaboration in the offshore wind business.

“Furthermore, the divestment proceeds will enable us to make new investments in renewable energy assets as part of our One Planet Plan to become a climate-neutral energy company in 2035.”

The proceeds from the sale will be channelled into other renewable energy initiatives.

The investment in the HKW wind project marks Chubu’s inaugural direct investment in an offshore wind farm.

The Japanese company will leverage Ecowende’s expertise in ecological innovations for future offshore wind projects in Japan and other countries.

Chubu global business division CEO and senior managing executive officer Hiroki Sato stated: “This is a significant step for us to enhance our partnership with Eneco and Shell. The main concept of this project is ecological innovation [ … and] Ecowende will build and operate the wind farm with minimal impact on the environment and protected species. I am convinced that the concept of ecological innovation will become mainstream globally in the near future, including [in] Japan and Asia.”

The Japanese consortium of Mitsubishi and Chubu Electric Power acquired an 80% stake in Eneco for €4.1bn ($4.41bn) in March 2020.

The remaining 20% stake is held by Chubu Electric Power.