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TEPCO Renewable Power to acquire Flotation Energy

By: Tom Russell 02/11/2022 TEPCO Renewable Power, Inc.

Floating General Windfarms

TEPCO Renewable Power, Inc. has signed a contract with the shareholders of Flotation Energy (headquartered in Edinburgh, Scotland, UK) to purchase 100% of its issued shares. It marks the company's first investment in overseas wind power.

Flotation Energy is an offshore wind developer established by current Chief Executive, Lord Nicol Stephen and Chief Technical Officer (CTO) Allan MacAskill in 2018. They kicked off the development of the Kincardine floating offshore wind farm.

Currently Flotation Energy has interests in Morecambe in the Irish Sea (bottom-fixed, 480MW) and White Cross in the Celtic Sea (floating offshore, 100 MW). In addition, they are developing 13 separate projects totaling more than 12,000MW of wind farm capacity across the UK, Ireland, Taiwan, Japan and Australia.

Going forward, TEPCO, together with Flotation Energy, will obtain know-how and technologies for operating in the offshore wind business through the design, construction and O&M of actual projects. Together we will be involved in the early stages of development of a global pipeline, in order to actively develop offshore wind power projects in Japan and overseas.

Through these initiatives TEPCO will harness the power of offshore wind to help create a clean and sustainable carbon neutral society.

TEPCO Renewable Power President Masashi Nagasawa said: "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.

"Flotation Energy's experience and knowledge of the world's biggest floating offshore wind development and their global network will undoubtedly accelerate the development of our offshore wind business both domestically and internationally.

"Through our collaboration, we will realize our management philosophy of, "Harnessing the Natural Resources to Energy, and further to Society" on a global scale, and we aim to contribute to stable supply of electricity mitigating the power price surge in the medium to long term that is linked to the recent fossil fuel price situation."

Commenting on the announcement Lord Nicol Stephen, the CEO of Flotation Energy, said: "This is a very exciting development for Flotation Energy and recognizes the strength and success of our world class team. We have pioneered the growth of floating wind across the globe and have a very significant pipeline of projects in the UK, Ireland, and Asia Pacific. This new partnership between Scotland and Japan represents a major investment by TEPCO. It will allow us to move forward quickly with our existing projects and to kick start new opportunities right around the world. Climate change is the biggest challenge facing our planet and helping to deliver a clean, green electricity network has always been Flotation Energy's goal."

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TEPCO Renewable Power to acquire Flotation Energy

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