Japanese oil company Inpex has agreed to acquire stakes in two offshore wind farms in the Netherlands, from Diamond Generating Europe (DGE-NL), a subsidiary of Mitsubishi.

The company has signed the agreement through Inpex Renewable Energy Europe, its newly established renewable energy business in the UK.

Under the terms of the agreement, Inpex will acquire a 50% stake in the 129MW Luchterduinen and a 15% stake in the 731.5MW Borssele III/IV offshore wind farms.

Located 23km offshore town of Noordwijk, the Luchterduinen offshore wind farm entered into commercial operations in September 2015.

The facility, which features 43 of the 3MW wind turbines supplied by Vestas, generates clean energy that will be enough to power around 150,000 households.

Featuring 77 of MHI Vestas V164 9.5MW wind turbines, the Borssele III/IV offshore wind farm is located 22km off the coast of Westkapelle City and has started commercial operations since January 2021.

The project holds the capacity to supply renewable power to 825,000 households annually, which is equivalent to 2.3% of total Dutch electricity demand.

Closing of the transaction is subject to fulfilment of certain conditions, including approvals by Dutch authorities and others.

Inpex aims to enhance renewable energy initiatives, as outlined in its ‘Business Development Strategy – Towards a Net Zero Carbon Society by 2050’.

Through the stake purchase, the company is planning to improve its energy structure to achieve its net zero carbon targets for 2050.

Inpex intends to apply its power generation experience to advance its geothermal and offshore wind power generation businesses.

The transaction is expected to have minimal effect on the company’s financial results for the current fiscal year, and contribute to its performance over the medium- to long-term.