JERA Co., the Japan-based operator of thermal power plants, has reached an agreement to acquire Belgium-based Parkwind, a subsidiary of Virya Energy, for $1.7bn. Morgan Stanley will be advising JERA on the buy-side, with Allen & Overy as legal advisors. On the sell-side, UBS are advisors to Virya, with Linklaters as legal advisors to Virya, and Arthur Cox as legal advisors to Parkwind.
As with many large energy companies, JERA has a view to net zero by 2050, but within this, they have established a new corporate vision for 2035, clarifying the long-term vision. JERA will look ‘to scale up its clean energy platform of renewables and low greenhouse gas thermal power, sparking sustainable development in Asia and around the world’.
Parkwind became the largest offshore wind platform in Belgium under Virya’s ownership, with over 700 megawatts in current platforms, with a huge pipeline of 4.5 gigawatts in development across Europe and beyond…
The acquisition of Parkwind, implements a strong portfolio of offshore wind assets into the JERA brand, whilst allowing them to grow Parkwind into areas of strong presence for JERA. This aligns strongly with both the shorter-term and longer-term strategy for JERA and will accelerate its journey to global decarbonisation.
Natalie Oosterlinck, Executive Officer and Global Head of Offshore Wind said:
“Parkwind is highly complementary with JERA’s offshore wind strategy and ambitions, and we look to empower Parkwind to deliver on our vision and strategy. JERA has the ambition to significantly advance the expansion of renewable and low carbon energy on a global scale.”
Written by: Jack Clemmey
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