TEPCO Renewable Power announces the signing of a share purchase agreement to invest in Flotation Energy. This represents TEPCO RP’s first equity investment in an overseas wind power company.
A strategic investment
TEPCO’s investment represents the recognition of the Flotation Energy team according to its CEO. Flotation Energy is one of the pioneers in the growth of floating wind in the world. Founded in 2018, the company was developing the world’s largest floating offshore wind farm in Kincardine.
Currently, Flotation Energy has a very large pipeline of projects in the UK, Ireland and Asia Pacific. The company has an interest in the Morecambe wind farm in the Irish Sea with an installed capacity of 480MW. It is developing 13 separate projects with a capacity of 1200MW in the UK, Ireland, Japan and Australia.
Development prospects
This operation will enable the design and construction or the operation and maintenance of offshore wind projects. This new partnership between the Scottish firm and the Japanese company represents a major investment for TEPCO. Both companies hope that their cooperation will create a global initiative for the development of offshore wind.
On the other hand, this collaboration should allow a stable supply of electricity according to Masashi Nagasawa. It will also help limit the spike in electricity prices due to soaring fossil fuel prices. This collaboration with Flotation Energy, will allow TEPCO to benefit from technologies to implement offshore wind projects.
