TEPCO Snaps Up Scottish Offshore Wind Firm

Akihabara News (Tokyo) — TEPCO Renewable Power has purchased full ownership of Flotation Energy, an offshore wind power company based in Scotland.

“Flotation Energy’s experience and knowledge of the world’s biggest floating offshore wind development and their global network will undoubtedly accelerate the development of our offshore wind business both domestically and internationally,” explained TEPCO Renewable Power President Masashi Nagasawa. “We aim to contribute to stable supply of electricity mitigating the power price surge in the medium- to long-term that is linked to the recent fossil fuel price situation.”

Flotation Energy previously developed the massive floating offshore wind farm at Kincardine, fifteen kilometers off the coast of Aberdeen, Scotland.

While the bulk of its interests are in the United Kingdom and Ireland, Flotation Energy has also been trying to expand into the Asia-Pacific, namely Australia, Taiwan, and Japan.

However, the firm has yet to be awarded any of the offshore zones which it is eyeing in the Japanese market.

This deal marks TEPCO Renewable Power’s first investment in an overseas offshore wind developer. The financial terms of the purchase were not disclosed.

TEPCO Renewable Power, in partnership with Denmark’s Orsted, was widely regarded as the frontrunner in its bid to develop the Choshi offshore wind project in Chiba Prefecture, but it was unexpectedly beaten out by a Mitsubishi Corporation-led consortium when the auction results were announced last December.

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