Japan’s Chubu Completes Ecowende Buy-In

Business & Finance

May 9, 2024, by Adnan Memija

The Japanese company, Chubu Electric Power, has completed the acquisition of 30 per cent of equity shares of Ecowende, a joint venture between Eneco and Shell that is developing a large-scale offshore wind farm at the Hollandse Kust West Site VI in the Netherlands.

This follows the agreement Chubu signed with Eneco in February this year.

Now that the transaction has been completed, 60 per cent of Ecowende is owned by Shell, 30 per cent by Chubu Electric Power, and 10 per cent by Eneco.

The Japanese energy company is one of the shareholders of Eneco and currently holds a 20 per cent stake in the Dutch renewable energy developer, with the remaining shares in Eneco held by Mitsubishi Corporation.

By participating in the offshore wind project directly, Chubu said it expects to acquire experience in the offshore wind power business from the beginning of the construction to the operation, as well as knowledge of ecological innovation. The company plans to apply the experience and knowledge gained through this project to offshore wind farm projects in Japan and other countries.

YOU MIGHT ALSO LIKE

Shell and Eneco secured the development rights for Hollandse Kust West VI in December 2022. Last year, the joint venture unveiled plans for the 760 MW offshore wind farm to be built “in harmony with nature, with minimal impact on birds, bats, and marine mammals”.

The 760 MW offshore wind farm, which will be built approximately 53 kilometres off the coast of IJmuiden, will be able to produce enough electricity to meet around 3 per cent of the current demand for electricity in the Netherlands.

The project, which will comprise 54 wind turbines, is scheduled to become operational in 2026.