Japan invests in European offshore with Parkwind deal

In a major development for the emerging offshore risk sector, Japanese utility company JERA is to buy Parkwind, Virya Energy’s offshore wind energy platform

The platform is also the largest in Belgium.

The deal, for 1.55 billion euros ($1.7 billion), will increase JERA’s renewable energy assets, which include existing offshore wind investments in Taiwan and the United Kingdom, to 2.8 gigawatts (GW) from 2.2 GW as of the end of 2022.

JERA is a joint venture between Tokyo Electric Power Company Holdings and Chubu Electric Power Co.

Under the terms of the deal, it will add Parkwind’s four offshore wind farms in Belgium and a new wind farm being built in Germany to its renewable portfolio.

 “We want to gain Parkwind’s know-how and knowledge of offshore wind power projects in Europe that can be utilized in JERA’s existing wind farms and new projects mainly in Asia,” Ken Matsuda, head of JERA’s overseas offshore wind power business group, said.

JERA aims to boost its renewable power assets to 5 GW by March 2026 through new development and acquisitions, he added.

Virya Energy, which agreed to sell Parkwind to JERA, will study the possibility of reinvesting in a minority stake in Parkwind’s Belgian wind farms, JERA said. 

The deal is to be closed later this year, pending approvals.

Parkwind currently runs 201 turbines off the coast of Belgium with a capacity of 771 megawatts, able to supply 800,000 households, and has another 1.1 GW in development worldwide, including in Germany and Ireland.