JERA Co. Inc. has signed an agreement with Virya Energy NV to acquire 100% of the shares of Parkwind NV, Virya Energy’s offshore wind energy platform.
This acquisition represents an equity value of close to $1.67 billion.
In addition, JERA and Virya will explore the possibility for Virya to re-invest in a minority stake in Parkwind’s Belgian wind farms and discuss collaboration on future opportunities within Belgium.
Parkwind, an European offshore wind developer, owner and operator headquartered in Belgium, will provide JERA with a significant platform upon which it will grow its renewables business globally, particularly in offshore wind.
Together with JERA, the combined synergy will accelerate Parkwind’s offshore wind business into markets where JERA has a presence or is already well-positioned to participate in offshore wind development as part of the global decarbonization initiatives and low-carbon fuel production business growth.
Parkwind now operates four offshore wind projects in Belgium totaling 771 MW, is constructing the 257 MW Arcardis Ost project in Germany, and is developing a 4.5 GW pipeline of projects in Europe and beyond.
Following completion of the transaction, JERA is committed to fund the long-term growth of Parkwind and to support its domestic and international expansion plan.
“Parkwind is a highly attractive investment opportunity and we have been impressed by the company’s strong in-house project development, project delivery and operational capabilities, management track-record over the years as well as the quality of its asset portfolio, development pipeline and joint venture partners,” says Nathalie Oosterlinck, executive officer, global head offshore wind, JERA.
For the transaction, JERA was assisted by Morgan Stanley and Mitsubishi UFJ Morgan Stanley as sole financial advisor and by Allen & Overy as legal counsel, and Virya Energy was assisted by UBS as sole financial advisor and by Linklaters as legal counsel.
