Japanese oil company Inpex has acquired a 16.7% stake in the Moray East offshore wind farm in the UK.
The transaction was executed through an agreement between Inpex Renewable Energy Europe (INPEX Renewable) and Mitsubishi Corporation’s UK subsidiary, Diamond Generating Europe (DGE).
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This agreement was signed to transfer stock in Diamond Generating Europe Investments from DGE to Inpex Renewable.
Inpex Renewable was created to promote Inpex’s renewable energy business in the UK.
In a statement, Inpex said: “Inpex seeks to enhance and emphasise its renewable energy initiatives, which are one of the five net zero businesses outlined in the company’s ‘Inpex Vision @2022’ announced in February (last year).
“As part of this, Inpex will accelerate its initiatives aimed at its offshore wind power generation business leveraging its experience in the construction and operation of offshore floating facilities cultivated at project sites around the world.”
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By GlobalDataLocated nearly 22km from the Moray East coast in Scotland, the Moray East offshore wind farm has been operational since April last year.
The offshore facility has 950MW of power generation capacity and is equipped with 100 wind turbines, each of which has 9.5MW of capacity.
Inpex said it would ‘proactively engage’ in energy structure reforms to achieve a net-zero carbon society while ensuring a ‘stable development and supply of energy’.
The company expects the deal to have a ‘minimal’ impact on its consolidated financial performance.
Based in Minato City, Inpex is Japan’s largest exploration and production company and operates projects across several continents.
Last year, the company’s subsidiary Inpex Renewable purchased a 50% stake in the Luchterduinen offshore wind farm and a 15% stake in the Borssele III/IV offshore wind farm, both of which are located offshore from the Netherlands.
The two stakes were bought from Diamond Generating Europe (DGE-NL), a Dutch subsidiary of Mitsubishi.
