Eneco has decided to sell a 30% stake in Ecowende, a joint venture with Shell, to Japanese firm Chubu Electric Power. Currently holding a 40% share in Ecowende, Eneco's ownership will be reduced to 10% post-transaction, with Chubu Electric Power acquiring the 30% stake.
Ecowende is actively involved in the development of a significant offshore wind farm located approximately 53km off the Dutch coast, positioned directly west of IJmuiden. The project aims for environmental harmony and is projected to inject 760MW into the Dutch power grid, meeting approximately 3% of the current electricity demand in the Netherlands. The wind farm is scheduled to commence operations in 2026.
Eneco sees this stake sale as an opportunity to further invest in other renewable energy projects, thereby accelerating the ongoing energy transition. The transaction, expected to conclude in the second quarter of 2024, is contingent upon securing necessary approvals from relevant parties, including competition authorities.
Eneco's CEO, As Tempelman, expressed satisfaction with Chubu Electric Power's participation in Ecowende, noting the value of their strategic partnership. Tempelman anticipates strengthened collaboration in the offshore wind sector and highlighted the significance of the divestment proceeds in supporting new investments aligned with Eneco's One Planet Plan. He stated, “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.”