Inpex Back at Mitsubishi for Another Offshore Wind Stake Acquisition

Business & Finance

March 2, 2023, by Adnan Durakovic

Japan’s Inpex Corporation has acquired a 16.7 per cent stake in the 950 MW Moray East offshore wind farm.

Illustration; Moray East offshore wind farm; Photo: Source: Brett Currie Photo/Video

Moray East is located approximately 22 kilometers off the Moray East coast of Scotland in the United Kingdom. The wind farm has been in operation since April 2022.

The acquisition was enabled through an agreement between Inpex Renewable Energy Europe Limited and Diamond Generating Europe Limited (DGE), a subsidiary of Mitsubishi Corporation registered in the UK.

Inpex said it seeks to enhance and emphasize its renewable energy initiatives, which are one of the five net zero businesses outlined in the company’s “INPEX Vision @2022” announced in February 2022.

As part of this, Inpex plans to accelerate its initiatives aimed at its offshore wind power generation business leveraging its experience in the construction and operation of offshore floating facilities cultivated at project sites around the world.

In 2022, Inpex Renewable acquired a 50 per cent stake in the Luchterduinen offshore wind farm and a 15 per cent stake in the Borssele III/IV offshore wind farm operating off the coast of the Netherlands from Diamond Generating Europe, a Dutch-registered subsidiary of Mitsubishi Corporation.

Following the transaction, Moray Offshore Windfarm (East) Limited (MOWEL), the owner of the Moray East wind farm, is owned by Ocean Winds (56.6 per cent), China Three Gorges Corporation (10 per cent), and Diamond Green Limited (33.4 per cent).

Inpex has now acquired Mitsubishi’s 50 per cent stake in Diamond Green Limited. The remaining 50 per cent stake in Diamond Green Limited is held by KPIC Netherlands (30 per cent) and MHC Infrastructure UK Limited (20 per cent).