Japanese fund, trading firm to buy UK wind power company

PanARMENIAN.Net - Japanese trading firm Marubeni Corp said Monday, March 19 that it would purchase British offshore wind services company Seajacks International Ltd from the US private equity fund Riverstone Holdings LLC, M&C reported citing DPA.

Marubeni and the government-backed fund Innovation Network Corp of Japan will each acquire a 50-per-cent stake in Seajacks, it said.

The acquisition was valued at 850 million dollars, the Nikkei business daily reported earlier in the day.

Marubeni aims to gain access to technology and know-how through the purchase, the Nikkei said.

Seajacks “has been providing efficient services with its one of a kind TIV (Turbine Installation Vessels) to offshore wind farms as well as oil and gas platforms predominantly in the North Sea,” the Japanese company said.

Marubeni is also “viewing other promising areas for offshore wind power as potential targets including North America, Japan and Asia,” it said.