Eneco sold a 30% stake in Ecowende, a joint venture between Eneco and Shell, to Japanese company Chubu Electric Power.
Currently, Eneco holds 40% of the shares in Ecowende. This will fall to 10% once the transaction has taken place. At that point, Chubu will hold a 30% stake.
Ecowende is developing a large-scale offshore wind farm located approximately 53km off the Dutch coast, directly west of IJmuiden.
The wind farm will be constructed in harmony with nature and will be able to feed 760MW into the Dutch power grid, which is enough to meet around 3% of current demand for electricity in the Netherlands. The wind farm is scheduled to become operational in 2026.
Eneco intends to invest the proceeds of the sale in other renewable energy projects in order to accelerate the energy transition.
The transaction is expected to be completed in the second quarter of 2024, once all the necessary approvals have been obtained from the relevant parties, which include the competition authorities.
As Tempelman, CEO of Eneco, said: “I am very pleased with Chubu’s participation in Ecowende. Our strategic partnership is much valued, and this arrangement will intensify our collaboration in the offshore wind business. Furthermore, the divestment proceeds will enable us to make new investments in renewable energy assets as part of our One Planet Plan, with the goal of becoming a climate neutral energy company in 2035.”