Inpex, a Japanese oil company, has purchased a 16.7 per cent interest in the UK’s Moray East offshore wind farm. The transaction was completed through an agreement between Inpex Renewable Energy Europe (INPEX Renewable) and Diamond Generating Europe, a UK subsidiary of Mitsubishi Corporation (DGE). This agreement was executed to transfer stock in Diamond Generating Europe Investments from DGE to Inpex Renewable.
Inpex Renewable was created to expand the company’s renewable energy business in the UK. The Moray East offshore wind farm, situated in Scotland, is about 22 km from the Moray East coast and has been in operation since April 2022. The offshore plant can generate 950 MW of power and has 100 wind turbines, each of which has a 9.5 MW capacity. The company anticipates that the transaction will have a “minimal” effect on its overall financial performance.
Based in Minato City, Inpex is Japan’s largest exploration and production company and operates projects across several continents. In February 2023, Boom Power won a 237.5 MWac import and export grid connection for the Thorpe Marsh Power Station in Doncaster, South Yorkshire. The company intended to construct a solar power plant that would be connected to battery energy storage systems, which the UK government has designated as a Nationally Significant Infrastructure Project.