Tokyo Gas Makes First Investment in Overseas Floating Wind Project

August 6, 2024, by Adrijana Buljan

Tokyo Gas has acquired a 21.2 per cent stake in WindFloat Atlantic, the 25.2 MW floating offshore wind farm in Portugal. WindFloat Atlantic, operated by Windplus, a majority-owned subsidiary of Ocean Winds, has been operational since 2020.

A photo of the WindFloat Atlantic floating wind farm n Portugal — WindFloat Atlantic floating wind farm offshore Portugal. Source: Principle Power

According to the Japanese company, this is Tokyo Gas’s first direct investment in an overseas floating offshore wind project. The WindFloat Atlantic co-ownership, however, is not the first time Tokyo Gas and Ocean Winds are cooperating as the two partners are also co-shareholders of Principle Power, the floating foundation developer whose technology is installed at WindFloat Atlantic.

Tokyo Gas Invests in Principle Power

Business & Finance

“We are pleased to strengthen our collaborative relationship with Ocean Winds through our participation in WindFloat Atlantic. Moving forward, we will leverage the knowledge gained from this collaboration to work towards the large-scale commercialization of floating offshore wind power in Japan,” said Kentaro Kimoto, Tokyo Gas Representative Corporate Executive Officer, Vice President, CTO, and Chief Executive of Green Transformation Company.

Following the transaction, WindFloat Atlantic (through Windplus) will be owned by Ocean Winds (65.17 per cent), Tokyo Gas (21.2 per cent), and Repsol (13.63 per cent).

“We are thrilled to welcome our well-known partner Tokyo Gas to our journey of more than 10 years in developing, building and now operating WindFloat Atlantic,” said Craig Windram, CEO of Ocean Winds.

“This collaboration has the potential to advance floating offshore wind development in Japan, contribute to the country’s renewable energy goals and foster a resilient and environmentally conscious energy landscape for future generations.”