Japanese Oil Giant Inpex Purchases 16.7% Stake in Mitsubishi's Windfarm in Scotland

Inpex, Japan's largest oil and gas exploration and production company, announced on Thursday that it had purchased a 16.7% stake in the Moray East offshore wind farm in Scotland from Mitsubishi in order to expand into renewable energy.

The Moray East offshore wind farm, which was launched in April, has a capacity of 950 megawatts from 100 turbines and is co-owned by French energy company Engie and Kansai Electric Power Co.

Mitsubishi said in a statement to Reuters that the sale was part of its "value-added cyclical growth model," or the redirection of resources to other areas if the business environment changed. The company also stated that Eneco, its Dutch joint venture with Chubu Electric, would continue to expand its power business in Europe.

Inpex did not provide the value of the deal but said that acquisition's impact on its financial results would be minimal.

INPEX Corporation is a Japanese oil company that began as North Sumatra Offshore Petroleum Exploration Co., Ltd in February 1966. INPEX is Japan's largest oil and gas exploration and production company, with global projects in exploration, development, and production in 20 countries. INPEX was ranked the 597th largest public company in the world in the 2020 Forbes Global 2000.