Japanese oil and gas company Inpex has agreed to acquire stakes in the Luchterduinen and Borssele III/IV offshore wind farms located offshore from the Netherlands.

The company will sign a stock transfer agreement with Diamond Generating Europe, a second-generation subsidiary of Japanese conglomerate Mitsubishi Corporation.

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Under the terms of the agreement, Inpex will acquire a 50% stake in Luchterduinen and a 15% interest in Borssele III/IV.

Located 23km offshore from Noordwijk, the 129MW Luchterduinen offshore wind farm has been operational since 2015. It is equipped with 43 wind turbines, each of which has 3MW of capacity.

The 731.5MW Borssele III/IV offshore wind farm became operational in January this year and is located 22km off the coast of Westkapelle. It features 77 wind turbines with 9.5MW of capacity each.

The stock transfer agreement was executed through Inpex Renewable Energy Europe, a newly established British firm that aims to promote Inpex’s renewable energy business in Europe.

Completion of the deal is subject to the fulfilment of conditions of the stock transfer agreement, including approvals by authorities in the Netherlands.

In a statement, Inpex said: “Inpex will accelerate its initiatives aimed at its geothermal power generation business, which can utilise the technologies cultivated by the company through oil and natural gas development, and its offshore wind power generation business, which makes use of the company’s experience in constructing and operating offshore floating facilities gained at overseas worksites.

“Through the acquisition of these assets, Inpex will actively work on further reforming the energy structure towards the realisation of a net-zero carbon society in 2050.”

Inpex said that the deal was expected to have a ‘minimal’ impact on its consolidated full-year financial results.

The company is currently involved in projects across several continents, including operating the Ichthys liquefied natural gas (LNG) project in Australia.