Energy deal

Lord Stephen’s Flotation Energy in Tokyo wind deal

Lord Stephen: wind pioneer

Scottish offshore wind developer Flotation Energy, co-founded by former government minister Lord Nicol Stephen, has formed a partnership with one of Japan’s biggest companies.

Tokyo Electric Power Company (TEPCO) is Japan’s largest electricity utility and one of the largest in the world.

The deal with the Edinburgh-based company, which is chaired by finance veteran Martin Gilbert, is TEPCOs first major venture into offshore wind markets in the UK and overseas. Flotation Energy will become part of the TEPCO Group.

The Flotation team is pioneering floating offshore wind and energy transition projects. Its founders Allan MacAskill and Lord 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 the White Cross 100 MW floating project.

It believes that TEPCO’s experience and esources will put Flotation Energy in a stronger position to help decarbonise countries.

Lord Stephen, CEO of Flotation Energy, was leader of the Scottish Liberal Democrats between 2005 and 2008 and sat as Deputy First Minister and Enterprise Minister in the Scottish Government between 2005 and 2007. He was an early driver of renewables technology.

He 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.”

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