Japanese natural gas utility Tokyo Gas Co Ltd (TYO:9531) is investing more than USD 22 million (EUR 20m) in US floating wind foundation specialist Principle Power Inc to fund the company’s global growth strategy.
The transaction represents the largest equity round closed by Principle Power to date and it is accompanied by a cooperation agreement that will help establish commercial-scale deployment opportunities for the company’s WindFloat technology in Japan.
“The investment by Tokyo Gas sets a strong foundation for our expansion in Asia, which is expected to lead global floating offshore wind development in the coming years,” commented Principle Power CEO Joao Metelo.
In turn, Tokyo Gas’ president Takashi Uchida stated that the Japanese utility is interested in expanding its domestic and international power business through offshore wind.
With the fresh investment, Tokyo Gas joins the EDP Group, Repsol, Aker Solutions and ASM Industries as a shareholder in Principle Power. The latter recently incorporated a unit in Japan -- Principle Power Japan GK -- with plans to grow locally.
The floating wind expert has over 100 MW under construction and advanced development in Portugal, Scotland and France, along with a multi-GW commercial pipeline around the world.
(USD 1.0 = EUR 0.912)
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