Japan’s Kansai Electric Power (KEPCO) has signed a share subscription agreement to acquire equity in Simply Blue Energy OSW (SBE), an offshore wind development company headquartered in the Republic of Ireland.

SBE, the offshore wind development business of Simply Blue Group, is involved in several offshore wind projects, mainly throughout Europe.

KEPCO said it will acquire a majority interest in SBE through its subsidiary, KPIC Netherlands.

This move marks KEPCO’s first offshore wind investment in Europe.

Simply Blue Group co-founder and CEO Hugh Kelly said: “This investment represents a pivotal moment for us at Simply Blue Energy. The support from KEPCO provides the strength and resources needed to scale our operations and advance our offshore wind initiatives. Together, we are poised to deliver significant contributions to clean energy transition.”

KEPCO has been expanding its expertise in offshore wind power by participating in both domestic and international projects, including demonstration projects for floating offshore wind power.

This investment is expected to accelerate the growth of SBE’s offshore wind portfolio across Europe and beyond while also allowing KEPCO to further enhance its knowledge and experience in the sector.

KEPCO global EX division executive vice-president and general manager Toru Kuwaharan said: “We are honoured to embark on a partnership with Simply Blue Energy, a developer possessing a pioneering spirit and extensive expertise in the field of offshore wind power.

“Through this collaboration, we aim to further advance offshore wind development for both companies and contribute to achieving a carbon-neutral society.”

As a part of the Kansai Electric Power Group’s zero-carbon vision for 2050, the company aims to develop 5GW of new renewable energy capacity in Japan by 2040, bringing its total capacity to 9GW.

KEPCO stated it will continue to promote renewable energy initiatives and contribute to the achievement of a carbon-neutral society.

In December last year, KEPCO signed a share purchase agreement with Iberdrola to acquire a stake in the Windanker offshore wind farm project in Germany.