Japanese utility JERA has agreed to acquire a 24.95% equity interest in the Gunfleet Sands offshore wind farm in the UK from Marubeni Corporation.
With the acquisition, JERA is joining Ørsted, who owns a 50.1% stake in the project, and the Development Bank of Japan, which also holds a 24.95% stake.
The Japanese utility said this is its first power generation business acquired in Europe.
Through its participation in Gunfleet Sands, JERA expects to gain knowledge and experience in operation of the offshore wind power generation and leverage this to move forward with projects in Japan and abroad.
In order to expand business activity in Europe, a new operation base will be established in the UK within the fiscal year 2018.
The company also entered into an agreement with Macquarie Capital and Swancor to acquire a combined 32.5% equity interest in the Formosa I offshore wind project in Taiwan.
Gunfleet Sands comprises 48 3.6MW Siemens turbines located off the coast of Essex County.
The 172.8MW offshore wind project was fully commissioned in April 2010.