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Eneco sells 30% of Ecowende tie-up to Japan’s Chubu

RICHARD HEAP

February 2, 2024

Eneco has agreed to sell a 30% stake in its Ecowende offshore wind joint venture with Shell to Japanese utility Chubu Electric Power.

The Dutch utility is selling three-quarters of its 40% stake to Chubu, and will hold 10% after the completion of the deal. Shell owns the remaining 60% of Ecowende, which has developed the 759MW Hollandse Kust West offshore wind project in the Dutch North Sea. Hollandse Kust West is due to be commissioned in 2026.

Chubu has been a shareholder in Eneco since 2020 and currently owns a 20% stake.

As Tempelman, chief executive at Eneco, said: “The divestment proceeds will enable us to make new investments in renewable energy assets as part of our One Planet Plan, with the goal of becoming a climate neutral energy company in 2035.”

Hiroki Sato, senior managing executive officer and chief executive of Chubu’s global business division, said: “This is a significant step for us to enhance our partnership with Eneco and Shell. The main concept of this project is ‘ecological innovation’, which is the first one for offshore wind farm in the world. Thanks to this concept, Ecowende will build and operate the wind farm with minimal impact on the environment and protected species. I am convinced that the concept of ‘ecological innovation’ will become mainstream globally in the near future, including Japan and Asia.

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