Japanese outfit INPEX has announced it is to take a 16.7 percent stake in the Moray East Offshore Wind Farm, sited 22km off the Moray East coast of Scotland.
The acquisition was enabled through an agreement between INPEX Renewable Energy Europe Limited (INPEX Renewable) and Diamond Generating Europe Limited (DGE), a UK subsidiary of Mitsubishi Corporation, to transfer stock in Diamond Generating Europe Investments Limited (DGI) from DGE to INPEX Renewable, established in the UK to promote INPEX’s renewable energy business.
The Moray East offshore project has been in commercial operation since April 2022 and has an output scale of 950MW produced by 100 9.5MW turbines.
INPEX is seeking to enhance its renewable energy initiatives, one of the five net zero businesses outlined in the company’s “INPEX Vision @2022” announced in February 2022. This will see INPEX accelerate its offshore wind power generation business by leveraging its experience in the construction and operation of floating facilities around the world.
The latest move comes after 2022 saw INPEX Renewable acquire a 50 percent stake in the Luchterduinen offshore wind farm and a 15 percent stake in the Borssele III/IV site, both off the Netherlands, from Diamond Generating Europe B.V. (DGE-NL), a Dutch-registered subsidiary of Mitsubishi.