Japanese giant Tokyo Electric Power Company is moving into Australia’s offshore wind industry after it agreed to acquire Flotation Energy.
Offshore wind has been earmarked as critical if Australia is to decarbonise and meet its net zero emissions targets, and Victoria has a particularly ambitious target of generating aboutKeen to capitalise, a pipeline of industry heavyweights have announced their own plans to develop offshore wind projects in Gippsland, which is on course to be home to Australia’s first offshore wind project.
“Joining forces with TEPCO has placed Flotation Energy in an even stronger position to think big, be bold and deliver. We have the experience, ambition and capital required to deliver our projects and unlock vast economic benefits across the whole value chain of offshore wind,” said Tim Sawyer, Flotation Energy’s chief international officer.
Terms of the takeover were not disclosed, while both said Flotation Energy would continue to operate as its own entity and keep its name.“We are very pleased and heartened to partner with Flotation Energy, which shares our mission to ‘deliver clean renewable energy and create a carbon-neutral society’ as we work together to further develop both companies,” said Masashi Nagasawa, president of Tokyo Electric Power Company’s renewable subsidy.
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