Japanese E&P company INPEX takes shares in two Dutch offshore wind farms

INPEX CORPORATION (INPEX), Japan’s largest exploration and production (E&P) company, today announced that it has entered into a share transfer agreement with Diamond Generating Europe B.V., a Dutch registered wholly owned subsidiary of Mitsubishi Corporation. Upon completion, the company will acquire a 50% interest in the Luchterduinen offshore wind farm and a 15% interest in the Borssele III/IV offshore wind farm.

This agreement was made through INPEX Renewable Energy Europe Limited, which is newly established in the United Kingdom to promote INPEX’s renewable energy activities in Europe. The share acquisition is part of INPEX‘s sustainability strategy “Business Development Strategy – Towards a Net Carbon Society by 2050” announced in January.

The completion of the agreement is subject to the fulfillment of conditions precedent determined by the stock transfer agreement including approvals by Dutch authorities and others, the company said.

Eneco Luchterduinen

The 129 MW Eneco Luchterduinen offshore wind farm is located 23 kilometres off the coast of Noordwijk and has been fully operational since September 2015. The wind farm consists of 43 Vestas wind turbines with a capacity of 3 MW. The wind farm is owned by Eneco and Mitsubishi Corporation. With the share transfer, INPEX will acquire 50% interest in the wind farm.

Borssele III & IV

The Borssele III & IV offshore wind farm, with an installed capacity of 731.5 MW, is located 22 kilometres off the coast of Westkapelle, Zeeland province, and has been fully operational since the beginning of this year. The wind farm comprises 77 Vestas wind turbines, each with a capacity of 9.5 MW. Borssele III & IV is a project of the Blauwwind consortium, consisting of Partners Group (45%), Shell (20%), Diamond Generating Europe (15%), Van Oord (10%) and Eneco (10%). INPEX acquires the 15% shares of Diamond Generating Europe.

While the impact of this acquisition on INPEX’s consolidated financial results for the current fiscal year is expected to be minimal, the acquisition is expected to contribute to INPEX’s consolidated financial performance over the medium- to long-term. Source: INPEX Image: Borssele III & IV. MHI Vestas

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