Japan’s Kansai Electric Power (KEPCO) has signed a share subscription agreement to acquire equity in offshore wind development company Simply Blue Energy OSW (SBE) based in Ireland, marking KEPCO’s first offshore wind investment in Europe. SBE, a subsidiary of Simply Blue Group, is involved in various offshore wind projects across Europe. KEPCO plans to acquire a majority interest in SBE through its subsidiary, KPIC Netherlands, to accelerate the growth of SBE’s offshore wind portfolio while enhancing KEPCO’s expertise in the sector. KEPCO aims to develop 5GW of new renewable energy capacity in Japan by 2040 as part of its zero-carbon vision for 2050. The partnership between KEPCO and SBE aims to advance offshore wind development and contribute to a carbon-neutral society.

Read more at Yahoo Finance: KEPCO to acquire majority stake in Ireland’s Simply Blue Energy