Japan’s Tepco Renewable Power to Acquire British Wind Farm Developer Flotation Energy

Tokyo Electric Power Company Holdings (Tepco) said it will acquire British offshore wind farm developer Flotation Energy for an undisclosed sum.

Tepco Renewable Power will buy all of the outstanding shares in the British company from existing shareholders in its first investment in an overseas wind power business, the Japanese utility’s renewable energy unit said.

Headquartered in Edinburgh, Scotland, Flotation Energy is a world-leading offshore wind developer, established by current Chief Executive, Lord Nicol Stephen and Chief Technical Officer (CTO) Allan MacAskill in 2018.

They developed the world's largest floating offshore wind farm at Kincardine and they, along with the Flotation Energy team, have a wealth of experience and knowledge in offshore wind.

Currently, Flotation Energy has interests in Morecambe in the Irish Sea (bottom-fixed, 480MW) and White Cross in the Celtic Sea (floating offshore, 100 MW). In addition, they are developing 13 separate projects totaling more than 12,000MW of wind farm capacity across the UK, Ireland, Taiwan, Japan and Australia.

Looking ahead, Tepco, together with Flotation Energy, will cooperate to actively develop offshore wind power projects in Japan and other international markets.

“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,” said Tepco Renewable Power President Masashi Nagasawa.

Lord Nicol Stephen, the CEO of Flotation Energy added: "We have pioneered the growth of floating wind across the globe and have a very significant pipeline of projects in the UK, Ireland, and the Asia Pacific. This new partnership between Scotland and Japan will allow us to move forward quickly with our existing projects and kick-start new opportunities around the world.”

#Tepco #FlotationEnergy