Greentech and Sangyo Sosei Advisory Advise E.ON on its offshore wind Cooperation Agreement with Kyuden Mirai Energy
April 23, 2019
Headquartered in Essen, Germany, E.ON SE (FWB: EOAN) is one of the world’s largest electric utility service providers. E.ON is also the third-largest operator of offshore wind farms, with 1.8GW of installed offshore wind capacity in Europe. Following its expansion plans, E.ON has established a local presence in Japan with the recent opening of a Tokyo office.
- On April 23, 2019 E.ON and Kyuden Mirai Energy (“Kyuden”) signed a cooperation agreement to jointly develop offshore wind power projects in Japan
- The cooperation is focused on fixed bottom projects and starts with a study to jointly select a project for development, construction and operations in the Kyushu area, the southernmost island of Japan
- The companies may consider expanding the partnership to other regions in Japan
- Kyuden is a leading developer of the Hibiki-nada Offshore Wind Farm Project in Kyushu and in parallel is studying opportunities for new offshore wind projects throughout Japan
- The Hibiki-nada Offshore Wind Farm Project is the first tendered project under the revised laws of port management in Japan
- Kyuden currently operates 189MW renewables capacity from onshore wind, solar and biomass in Japan and has a further 511MW under development
The transaction press release can be found here: Press Release
Greentech Capital Advisors and Sangyo Sosei Advisory Inc. acted as co-advisors to E.ON.
Sven Utermöhlen, Chief Operating Officer at E.ON Climate & Renewables said, “Our strategy to enter the Japanese market is based on trustful and long-term cooperation with local players. We feel that Kyuden Mirai Energy is an excellent partner for us. Our capabilities complement each other while we share the same values and the ambition to drive offshore wind growth in Japan.”
“This year could be the memorial year for offshore wind industry in Japan with the new general sea law promoting offshore wind. It is a great timing for us to start joint activities with E.ON as the best partner for us to enter into the new market. E.ON has remarkable experience in fixed-bottom offshore wind and shares the same view on local stakeholder engagement,” said Yasuji Akiyama, President of Kyuden Mirai Energy.