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DBJ to Buy Half of Marubeni Stake in U.K. Offshore Wind Project

Dec. 27 (Bloomberg) -- Development Bank of Japan Inc. will buy half of the stake in a 172-megawatt offshore wind project in the U.K. owned by Marubeni Corp., which purchased its original holding for 200 million ($329 million) pounds in 2011.

The bank and Marubeni will now each own 24.95 percent of the Gunfleet Sands facility off Essex, DBJ said in a statement today. Denmark-based Dong Energy A/S will retain its majority ownership and will continue to operate the project, according to the statement, which didn’t disclose financial terms.

“By partnering up with Marubeni and Dong Energy, who is the market leader in offshore wind, DBJ will be able to support domestic and international renewable energy projects,” DBJ said in the statement.

Tokyo-based Marubeni confirmed the deal in a separate statement today.

To contact the reporter on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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