Japanese power generation company JERA has agreed to acquire Belgium-based renewable energy company Virya Energy’s offshore wind energy platform, Parkwind, in a deal worth €1.55bn.

Both companies also expect to consider the possibility for Virya Energy to re-invest in a minority stake in Parkwind’s Belgian wind farms as well as to explore collaboration on future opportunities within the country.

Headquartered in Belgium, Parkwind is an offshore wind developer, owner, and operator. Currently, the platform has four offshore wind projects under operation, with a combined capacity of 771MW.

Besides, the offshore wind energy platform is developing the 257MW Arcardis Ost project in Germany and has a 4.5GW pipeline of projects in Europe and other regions.

Parkwind co-CEOs Eric Antoons and François Van Leeuw said: “We are looking forward to benefiting from JERA’s global experience and capabilities to take the Company to a next level in terms of growth and expansion potential, with a renewed commitment to be a leading enabler of the energy transition in an environmentally and socially responsible manner.

“We see a clear alignment on business and people culture between Parkwind and JERA and are convinced that this will allow us to boost the value creation for our future shareholder, our windfarms, our partners, our talented teams and our planet.”

The acquisition of Parkwind is anticipated to support JERA in expanding its renewables business around the world, especially in offshore wind.

Parkwind will expedite its offshore wind business into regions where JERA is currently present or is in a position to engage in offshore wind development, said the Japanese firm.

JERA executive officer and offshore wind global head Nathalie Oosterlinck said: “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.

“For JERA, the Transaction is as much about people as it is about projects and pipeline, all of which Parkwind bring in a material and meaningful way.”

Subject to the suspensive condition of approval from the competition bodies and other regulatory authorities, the deal is expected to close later this year.