Chubu Electric Power Completes Acquisition of Shares in the Netherlands Offshore Wind Power Project Company Ecowende C.V.

Press Release

Chubu Electric Power Completes Acquisition of Shares in the Netherlands Offshore Wind Power Project Company Ecowende C.V.

May 09, 2024
Chubu Electric Power Co.,Inc.

Chubu Electric Power Co., Inc. ("Chubu") has decided to participate in Hollandse Kust West ("HKW") Site VI offshore wind power project ("Project") located approximately 53km off the northwest coast of the Netherlands, which is being developed by Shell plc ("Shell") and N.V. Eneco ("Eneco"), and has entered into an agreement with Eneco to obtain 30% of equity shares of Ecowende C.V. ("Project Company"), the operating company of the Project (as announced on February 2, 2024).

Then Chubu completed the acquisition procedures, namely a regulatory approval, and yesterday has officially acquired shares of the Project Company.

In December 2022, the consortium between Shell and Eneco acquired the concession right to operate the Project through public tender. The Project Company is planning to construct an offshore wind farm, which can supply 760MW to the Dutch power grid, and will start its commercial operation in 2026. This Project will implement various measures to promote harmony with marine ecosystems.

By participating in the Project directly, Chubu expects to acquire experience in the offshore wind power business from the beginning of the construction all the way to operation, as well as knowledge of Ecological Innovation. Chubu intends to apply the experience and knowledge gained through this Project to offshore wind farm projects in Japan and other countries.

In Chubu's global business, we will contribute to the realization of a decarbonized society and further increase earnings by building an optimal portfolio that combines the segments of (i) "Green Field" centered on renewable energy, (ii) "Blue Field" in relation to decarbonization, (iii) "Retail, power transmission and distribution, and new services" and (iv) "Frontier Field".