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Japan's Inpex buys stake in UK offshore wind farm from Mitsubishi

Reuters
Updated ·1-min read
FILE PHOTO: Inpex Corp's logo is pictured at its headquarters in Tokyo

TOKYO (Reuters) - Inpex, Japan's largest oil and gas exploration and production company, said on Thursday it has bought a 16.7% stake in the Moray East offshore wind farm in Scotland from Mitsubishi to expand further into renewable energy.

The Moray East offshore wind farm, launched last April, has capacity of 950 megawatts from 100 turbines, with French energy company Engie and Kansai Electric Power Co among its other shareholders.

The sale was part of Mitsubishi's "value-added cyclical growth model", or redirection of resources to other areas if the business environment has changed, Mitsubishi said in a statement to Reuters. The company also said it would continue expanding its power business in Europe through Eneco, its Dutch joint venture with Chubu Electric.

Inpex did not provide the value of the deal but said that acquisition's impact on its financial results would be minimal.

(Reporting by Katya Golubkova and Yuka Obayashi. Editing by Jane Merriman)