11. SUSTAINABLE CITIES AND COMMUNITIES

JERA signs agreement with Virya Energy for the acquisition of … – Energy Global

Written by Amanda

JERA signs agreement with Virya Energy for the acquisition of …  Energy Global

JERA Co., Inc. signed an agreement with Virya Energy NV on 22 March 2023 to acquire 100% of the shares of Parkwind NV, Virya Energy’s offshore wind energy platform. Closing of the transaction is expected later this year and is subject to customary conditions relating to approval by the relevant competition and other regulatory authorities.

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 established 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 decarbonisation initiatives and low-carbon fuel production business growth. This represents an exciting opportunity for Parkwind and its employees to become an ever more important player in the rapidly expanding offshore wind industry on a global scale.

Under Virya’s ownership, Parkwind became the largest offshore wind platform in Belgium, and currently operates 4 offshore wind projects in Belgium totalling 771 MW, is constructing the 257 MW Arcardis Ost project in Germany, and is developing a 4.5 GW (net) pipeline of projects in Europe and beyond.

This transaction represents an important milestone for the development of the company. Following completion of the transaction, JERA is committed to fund the long-term growth of Parkwind and to support its domestic and international expan-sion plan.
JERA will bring highly complementary capabilities and financial support to help the company blossom, in a world where offshore wind will continue to play an instrumental role in facilitating the global energy decarbonisation.

Nathalie Oosterlinck, Executive Officer, Global Head Offshore Wind, JERA, said: “I am very happy to make this announcement. 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. Parkwind is highly complementary with JERA’s offshore wind strategy and ambitions, and we look to empower Parkwind to deliver on our vision and strategy. JERA has the ambition to significantly advance the expansion of renewable and low carbon energy on a global scale.

“There is a strong strategic, cultural, and industrial fit and complementarity between JERA and Parkwind. We look forward to welcoming Parkwind to JERA and creating a world class global team.”

Paul Tummers, CEO, Virya Energy, added: “As we communicated last summer, Virya had initiated an assessment of possible strategic development options for our offshore wind energy activities, operated through our subsidiary Parkwind, to ensure that it would have the best possible conditions to execute its ambitious growth plan in a rapidly changing industry. After conducting a competitive sale process over several months, Virya has signed an agreement with the candidate we believe is the best posi-tioned to provide an exciting new home for the business, its partners, and employees.

“Parkwind, a leading independent offshore wind platform that has successfully grown over the last 12 years, has a very promising development potential and is supported by highly skilled and capable people. Virya believes JERA will provide Parkwind with the best assets, expertise, and support to ensure the pursuit of its successfully initiated international journey towards a decarbonised future, reinforcing its long-term global potential out of its strong Belgian base.

“This announcement is a strong milestone in the execution of Virya Energy’s strategy. This contemplated transaction, while being fundamentally triggered by the best interest of Parkwind, will also allow Virya together with its shareholders to increase its focus inn fit for purpose energy through investments in onshore wind energy, solar energy and green hydrogen.”

Eric Antoons and François Van Leeuw, co-CEOs, Parkwind, commented: “We, as part of Parkwind’s management team and all the Parkwind talents across the platform, are thrilled by this announcement which is opening an exciting new era for our offshore wind activities in Europe and across the world.

“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.”

Closing of the transaction is expected later this year and is subject to the suspen-sive condition of approval by the competition authorities and other regulatory authorities.

For the transaction, JERA has been assisted by Morgan Stanley and Mitsubishi UFJ Morgan Stanley as sole financial advisor and by Allen & Overy as legal counsel, and Virya Energy has been assisted by UBS as sole financial advisor and by Linklaters as legal counsel.

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global’s Spring 2023 issue

The Spring 2023 issue of Energy Global hosts an array of technical articles focusing on offshore wind, solar technology, energy storage, green hydrogen, waste-to-energy, and more. This issue also features a regional report on commodity challenges facing Asia’s energy transition.

Read the article online at: https://www.energyglobal.com/wind/24032023/jera-signs-agreement-with-virya-energy-for-the-acquisition-of-parkwind/

Embed article link: (copy the HTML code below):


Source: energyglobal.com

About the author

Amanda

Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai

Leave a Comment