TEPCO to acquire Scottish offshore wind biz Flotation Energy
The Kincardine floating offshore wind farm. Image by: Cobra Group.
Japanese utility Tokyo Electric Power Company Holdings Inc (TYO:9501), also known as TEPCO, said on Wednesday that it will acquire Scotland-based offshore wind developer Flotation Energy in its first investment in an overseas wind business.
Through wholly-owned subsidiary, TEPCO Renewable Power Inc, the company will purchase all shares in the Scottish firm for an undisclosed sum.
Edinburgh-based Flotation Energy was set up by current chief executive Lord Nicol Stephen and chief technical officer Allan Allan MacAskill in 2018. The founding duo was behind the development of the Kincardine floating wind farm off the coast of Scotland.
Over the years, the offshore wind developer became engaged in other projects. It has interests in the 480-MW Morecambe bottom-fixed project in the Irish Sea and the 100-MW White Cross floating wind development in the Celtic Sea. The firm is also developing 13 other projects with over 12,000 MW of wind power capacity in the UK, Ireland, Taiwan, Japan and Australia, the press release reads.
“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,” commented Lord Nicol Stephen.
“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 TEPCO Renewable Power President Masashi Nagasawa.
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