Inpex Acquires Shares in UK Offshore Wind Power Generation Company

Source Press Release
Company Inpex CorporationMitsubishi Corporation 
Tags Corporate Deals, Deals, Renewable Energy, Power
Date March 03, 2023

INPEX has acquired a 16.7 percent stake in the Moray East Offshore Wind Farm, which is currently in operation approx. 22 kms off the Moray East coast of Scotland in the United Kingdom. The acquisition was enabled through an agreement between INPEX Renewable Energy Europe and Diamond Generating Europe (DGE), a subsidiary of Mitsubishi Corporation registered in the UK, to transfer stock in Diamond Generating Europe Investments Limited (DGI) from DGE to INPEX Renewable, which was established in the UK to promote INPEX’s renewable energy business in Europe.

The Moray East offshore wind farm has been in commercial operation since April 2022 with an output scale of 950 megawatts produced by one hundred 9.5-megawatt units.

INPEX seeks to enhance and emphasize its renewable energy initiatives, which are one of the 5 net zero businesses outlined in the company’s 'INPEX Vision @2022' announced in February 2022. 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.

In 2022, INPEX Renewable acquired a 50 percent stake in the Luchterduinen offshore wind farm and a 15 percent stake in the Borssele III/IV offshore wind farm operating off the coast of the Netherlands from Diamond Generating Europe B.V. (DGE-NL), a Dutch-registered subsidiary of Mitsubishi Corporation.

INPEX will proactively engage in energy structure reforms towards the realization of a net zero carbon society while fulfilling its responsibilities for the stable development and supply of energy.

The impact of this acquisition on INPEX’s consolidated financial performance is minimal.

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Source: EvaluateEnergy® ©2023 EvaluateEnergy Ltd