Chubu, Shell, Eneco Acquire Dutch Wind Farm Stake

The Netherlands-based energy company Eneco has divested a 30% interest in its joint venture Ecowende, co-owned with Shell, to Japan's Chubu Electric Power.

After this transaction, Eneco's share in Ecowende will be reduced to 10%, whereas Chubu Electric Power will acquire a 30% stake. Shell will maintain its majority share of 60%.

Since 2020, Chubu has held a 20% ownership in Eneco, with Mitsubishi Corporation owning the remaining shares. This marks Chubu's inaugural direct investment into an offshore wind energy project through the acquisition in Ecowende.

The deal is anticipated to be finalized in the second quarter of 2024, pending the receipt of all necessary consents from the involved authorities.

Ecowende is in the process of developing a wind farm located off the Dutch coastline, precisely 53 kilometers away from Ijmuiden at the Hollandse Kust West lot VI. This wind farm is expected to generate approximately 760 MW of power and is slated for full operation and commissioning by 2026.

As Tempelman, the Chief Executive Officer of Eneco, highlighted the strategic importance of this sale, stating, "[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.”