Japan�s Largest Utility Teams up With Flotation Energy

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EDINBURGH, Scotland–(BUSINESS WIRE)–One of Japan’s biggest companies is teaming up with Scottish offshore wind developer, Flotation Energy.

Tokyo Electric Power Company (TEPCO) is Japan’s largest electricity utility; and one of the largest in the world. Its subsidiary, TEPCO Renewable Power, has a generating capacity of 9.9 GW of renewable energy in Japan. This is TEPCOs first major venture into offshore wind markets in the UK and overseas. Flotation Energy will become part of the TEPCO Group.

Flotation Energy is headquartered in Edinburgh, Scotland. The Flotation team is well known for pioneering floating offshore wind and energy transition projects. Its founders Allan MacAskill and Lord Nicol Stephen developed Kincardine, the world’s largest floating windfarm. The company is growing quickly, with the focus on delivering more than 12 GW of commercial scale fixed and floating offshore wind farms and has plans to expand into many more key markets. Flotation Energy is already a Joint Venture Partner in the UK Round 4 Morecambe Project; and White Cross 100 MW floating project in the Celtic Sea.

With TEPCO’s experience and its resources, Flotation Energy is in an even stronger position to help decarbonise countries around the globe.

Renewable energy is central to supporting the UK’s ambitions to lead the world in combatting climate change, reducing our reliance on fossil fuels and embracing a future where renewable energy powers our homes and businesses. This new venture will be at the heart of this energy transiton.

Lord Nicol Stephen, CEO & Co-founder of Flotation Energy, said:

“This is a very exciting development for Flotation Energy and recognises the strength and success of our world class team. We have pioneered the growth of floating wind across the globe and have a very significant pipeline of projects in the UK, Ireland, and Asia Pacific.

This new partnership between Scotland and Japan represents a major commitment by TEPCO. It will allow us to move forward quickly with our existing projects and to kick start new opportunities right around the world. Climate change is the biggest challenge facing our planet. A future of clean, green renewable energy has always been our goal.”

Masashi Nagasawa, TEPCO Renewable Power President said:

“We are very pleased and heartened to partner with Flotation Energy, which shares our mission to “deliver clean renewable energy and create a carbon neutral society” as we work together to further develop both companies.

“Flotation Energy’s experience and knowledge of the world’s biggest floating offshore wind development and their global network will vastly accelerate the development of our offshore wind business both domestically and internationally.

“Through our collaboration, we will realise our management philosophy of, “Harnessing the Natural Resources to Energy, and further Society” on a global scale.”

ENDS

Notes to Editors:

Flotation Energy is based Edinburgh, Scotland, and has been a significant contributor to building a strong offshore wind industry in the UK and beyond. Flotation Energy has a growing project pipeline of offshore wind projects with more than 12 GW in the UK, Ireland, Taiwan, Japan and Australia; and plans to expand into many more key markets. The expertise of the Flotation Energy team lies in the project and engineering management of large infrastructure projects. Flotation Energy have developed their own projects but also recognise the benefits of collaboration and working in partnership with other developers to deliver proven, cost-effective solutions.

TEPCO Renewable Power (TEPCO RP) is a wholly owned subsidiary of Tokyo Electric Power Company Holdings, Incorporated (“TEPCO Holdings “), the largest power company in Japan. In April 2020, TEPCO RP took its first steps as a company dedicated solely to the renewable energy generation business, the operation of which it assumed from TEPCO Holdings. For many years, TEPCO RP has used a firm business model that covers everything from the planning and construction to the operation & maintenance of hydroelectric and wind power generation facilities. The total capacity of the company’s hydroelectric, wind, and solar power facilities is approximately 9.9 giga-watts, and our technical prowess has enabled us to maintain the largest amount of facilities in Japan. In order to seize the significant business opportunities inherent in the global trend towards decarbonization and meet the growing need for CO2-free energy, we aim to significantly expand our renewable generation portfolio globally and contribute to the creation of a clean and sustainable, decarbonized society by harnessing earth’s natural resources to the best of our ability in order to provide a stable supply of electricity at low cost.

ENDS

Contacts

Please direct all media enquiries to:

Kirstine Wood

Communications Manager

Flotation Energy Ltd

Mobile: +44 (0) 7775 697 702

Email: kirstinewood@flotationenergy.com