Tokyo Gas, Japan's largest city gas provider, announced on Tuesday that it will acquire a 21.2% stake in the WindFloat Atlantic floating offshore wind power project in Portugal. This move aims to gain operational and maintenance expertise in the sector.
Floating offshore wind power is at a nascent stage in Japan, but it is integral to the nation's goal of becoming a major offshore wind producer as part of its decarbonisation strategy. The Japanese government targets 10 gigawatts (GW) of offshore wind projects by 2030, including both bottom-fixed and floating types, with an aspiration to reach up to 45 GW by 2040.
This deal represents Tokyo Gas's first direct investment in an overseas floating offshore wind farm. WindFloat Atlantic operates 25-megawatt (MW) floating wind farms off the Atlantic coast. The project is majority-owned by Ocean Winds, a joint venture between Portugal's utility EDP and French company Engie.
WindFloat Atlantic is recognized as the world's first semi-submersible floating offshore wind farm and has been operational since 2020. It employs a floating foundation system developed by Principle Power, a U.S. technology startup in which Tokyo Gas invested in 2020. According to Tokyo Gas, the system is exceptionally stable and capable of operating under severe weather conditions.
“We aim to leverage the knowledge gained from the collaboration to work towards the commercialisation of floating offshore wind farms in Japan,” Michiko Hirose, senior general manager at Tokyo Gas, told reporters.
Tokyo Gas will purchase the WindFloat Atlantic stake from Ocean Winds and Principle Power. The transaction is expected to be finalized by year-end, although the terms have not been disclosed.
