Japan's Kansai Electric buys into Iberdrola's 1.3 bln euro offshore wind project in Germany

Kansai Electric Power Co

13/12/2024 03:47

TOKYO, Dec 13 (Reuters) - Japan's Kansai Electric Power
Co  9503.T  has agreed to take a 49% stake in Iberdrola's
 IBE.MC  Windanker offshore wind project in Germany, the company
said on Friday, expanding a partnership with the Spanish
renewable energy giant.
    Located in the German part of the Baltic Sea, the wind farm
will have an installed capacity of 315 megawatts and is set to
start operating in late 2026. 
    Neither company disclosed how much Kansai paid for its
stake. Iberdrola, which will retain a 51% stake in the project,
said it values the wind farm at 1.3 billion euros. 
    For Kansai Electric, Japan's top nuclear power operator and
the country's second largest electric power utility, this is the
fifth offshore wind project overseas bringing its total
projected offshore wind capacity of 3 gigawatts. 
    The two companies are already partners in British power
distributor Electricity North West, where Kansai Electric holds
a 12% stake and Iberdrola controls the rest. 
    In March, Iberdrola won a 375 megawatt offshore wind project
in northern Japan, part of a consortium with two other Japanese
companies, in the third round of the state offshore wind
auctions as Tokyo wants to grow renewable energy output. 
    This week, BP  BP.L  and Japanese power generator JERA have
agreed to join forces to form one of the world's largest
offshore wind operators, as Japanese firms team up with western
players for experience and growth while foreign companies seek a
foothold in Japan's expanding renewable energy market. 

    ($1 = 0.9557 euros)

 (Reporting by Katya Golubkova; Editing by Sonali Paul)
 ((jekaterina.golubkova@thomsonreuters.com;))