Japan’s utility TEPCO snaps up floating wind specialist Flotation Energy
Japanese utility Tokyo Electric Power Company (TEPCO) has struck a deal to acquire Scottish offshore wind developer, Flotation Energy for an undisclosed sum.
The move marks TEPCO’s first major venture into offshore wind markets in the UK and overseas. Its subsidiary, TEPCO Renewable Power, has a generating capacity of 9.9 GW of renewable energy in Japan.
Established in 2018 by the current chief executive, Lord Nicol Stephen and chief technical officer Allan MacAskill Edinburgh-headquartered Flotation Energy is known for developing the world’s largest floating windfarm at Kincardine.
“This new partnership between Scotland and Japan represents a major investment by TEPCO. It will allow us to move forward quickly with our existing projects and to kick start new opportunities right around the world,” remarked Stephen.
The company currently has interests in a 480 MW Morecambe wind farm in the Irish Sea and a 100 MW floater White Cross in the Celtic Sea. Flotation Energy is also developing 13 separate projects totaling more than 12 GW of wind farm capacity across the UK, Ireland, Taiwan, Japan and Australia.
Last year, Flotation Energy teamed up with Japanese shipping giant Mitsui OSK Lines (MOL) to jointly evaluate floating offshore wind opportunities in Japan, which has set a 45 GW offshore wind target by 2040.
Going forward, TEPCO, Flotation Energy will become part of the TEPCO group and be involved in the early stages of the development of a global pipeline of offshore wind power projects.
“Flotation Energy’s experience and knowledge of the world’s biggest floating offshore wind development and their global network will undoubtedly accelerate the development of our offshore wind business both domestically and internationally,” added Masashi Nagasawa, president of TEPCO Renewable Power.
