Japan

Japan

SB Energy sells stake in offshore joint venture

JAPAN: SB Energy has sold its share in an offshore wind power project located in Ibaraki prefecture, due to differences of opinion between the three partners.

SB Energy has pulled out of a project set for the port area of Kamisu, Ibaraki (Pic: P199 at Wikimedia Commons)
SB Energy has pulled out of a project set for the port area of Kamisu, Ibaraki (Pic: P199 at Wikimedia Commons)

SB Energy, a subsidiary of telecommunications and software giant Softbank Group, announced it sold its 33.3% share in the 100MW project to the Wind Power Group, a subsidiary of Komatuzaki Group, one of the partners in the joint venture, along with Orix Corp.

SB Energy said that the differences of opinion on the future direction of the project had emerged between the partners, which precipitated the share sale. No further details of the sale were released.

SB Energy invested in the project in May 2014.

Wind Power Energy, a special-purpose company wholly owned by Wind Power Group, was established to develop the 100MW offshore wind project in the port area of Kamisu in Ibaraki, east Japan.

The announcement comes the same week as the Marubeni Corporation pulling out of its part of a port-based project also in Ibaraki due to profitability concerns. 

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