TOKYO: Japan’s Jera Co. said Wednesday that it will acquire major Belgian offshore wind power generation firm Parkwind NV for about 1.55 billion euros.

With the buyout, Jera, which is jointly owned by Tokyo Electric Power Company Holdings Inc. and Chubu Electric Power Co., aims to acquire technology and know-how on offshore wind power generation to utilize them for its operations mainly in Asia.

On the same day, Jera concluded an agreement to purchase all Parkwind shares. It hopes to complete the acquisition by the end of this year after necessary procedures including approval from Belgian authorities.

Jera has set a target of increasing its renewable power generation capacity to 5 million kilowatts by 2025. The acquisition of the Belgian company is seen expanding the capacity by 600,000 kilowatts to 2.8 million kilowatts.

JIJI Press