JERA Boosts Offshore Wind Credentials With Acquisitions and Floating Tech

December 6, 2023|JERA Transitions

Many traditional energy firms waver on whether to shift to renewables, arguing that their expertise lies elsewhere. Japan’s top LNG buyer and biggest thermal utility, JERA, has decided to pursue both the fossil and renewables route at full tilt. Toward that goal, it’s following an aggressive expansion strategy in offshore wind, investing in the sector both at home and abroad.

For a newbie in offshore wind, JERA performed well in the first round of auctions in Japan, even if it didn’t win. Together with project partners Equinor of Norway and domestic utility J-Power, JERA’s bids came second in a crowded field for the two big areas auctioned in Round 1.

To make sure it fares better in the next rounds, JERA has embarked on a M&A drive to build a stronger team and asset base, echoing the strategy of Mitsubishi Corp, which won all three of the major auctions in Round 1. It’s also bolstering renewables staff in-house.

Further down the road, JERA plans to develop home-grown technology for floating wind projects and quietly support the buildout of solar generation in Japan, while making a constant stream of investments in Southeast Asian utilities with strong renewables potential. Recently, JERA has become synonymous with Japan’s strategy to replace coal-fired power with ammonia fuel. But the firm has a number of irons in the fire, renewables being one of them.

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