Development Bank of Japan to buy 24.95% stake in offshore wind project in England

December 27
1:02 AM 2013

Japan's state-owned Development Bank of Japan Inc. (DBJ) will buy half of Marubeni Corp.'s stake in a 172-megawatt offshore wind project in the United Kingdom for an undisclosed sum. Japanese trading firm Marubeni bought the holding initially for £200 million ($329 million) in 2011.

Reuters, citing a statement by DBJ, said that the bank and Marubeni will now each own 24.95% of the Gunfleet Sands Facility off Essex county in England. Denmark-based Dong Energy A/S will retain its majority ownership and will continue to operate the project.

By parterning up with Marubeni and Dong Energy, DBJ will be able to support domestic and international renewable energy projects. Dong Energy is the market leader in offshore wind, DBJ said in a statement.

According to DBJ's statement, the Gunfleet Sands offshore wind farm is located seven kilometers south-east of the Calcton-on-Sea town in Essex. It is comprised of 48 turbines with a capacity of 3.6 megawatts each. The construction of the offshore wind project was commenced in 2010.   

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