INPEX CORPORATION announced today that it has acquired a 16.7% interest in the Moray East offshore wind farm, currently operating approximately 22 kilometers off the coast of Moray East in Scotland, United Kingdom (UK). This acquisition was made possible thanks to an agreement between INPEX Renewable Energy Europe Limited (INPEX Renewable) and Diamond Generating Europe Limited (DGE), a subsidiary of Mitsubishi Corporation registered in the United Kingdom, to transfer shares in Diamond Generating Europe Investments Limited (DGI) from DGE to INPEX Renewable, which was established in the United Kingdom to promote INPEX’s renewable energy business in Europe.
A production capacity of 950 megawatts
The Moray East offshore wind farm has been in commercial operation since April 2022 with a generating capacity of 950 megawatts produced by one hundred 9.5 megawatt units. INPEX is looking to improve and highlight its renewable energy initiatives, which are one of the 5 net-zero businesses outlined in the company’s “INPEX Vision @2022” announced in February 2022.
INPEX will accelerate its initiatives for its offshore wind power business, leveraging its experience in building and operating floating offshore facilities grown at project sites around the world. In 2022, INPEX Renewable acquired a 50% stake in the Luchterduinen offshore wind farm and a 15% stake in the Borssele III/IV offshore wind farm, which operate off the coast of the Netherlands, from Diamond Generating Europe B.V. (DGE-NL), a subsidiary of Mitsubishi Corporation registered in the Netherlands.
A commitment to a net zero carbon society
INPEX will proactively engage in energy structure reforms towards the realization of a net zero carbon society, while fulfilling its responsibilities for the development and provision of stable energy. The impact of this acquisition on the consolidated financial performance of INPEX is minimal.
