JERA, Virya Energy sign an agreement for the acquisition of Parkwind

JERA Co., Inc. has signed a definitive agreement with Virya Energy NV to acquire 100% of the shares of Parkwind NV. This deal will effectively make Parkwind a wholly-owned subsidiary of JERA, and is worth an equity value of nearly EUR1.55 billion (US$5.66 billion).

JERA and Virya Energy have also indicated that they may explore opportunities for future collaboration on offshore wind projects in Belgium. Under Virya’s ownership, Parkwind became the largest offshore wind platform in Belgium, with a current capacity of 771 MW spread across 4 wind projects. The platform is also building a 257 MW wind project in Germany and developing a pipeline of projects totalling 4.5 GW (net) in Europe and elsewhere.

The acquisition of Parkwind by JERA represents a significant milestone for the development of the energy company, and highlights its commitment to expanding its renewable energy portfolio. The closing of the transaction is expected later this year, subject to the customary conditions relating to approval by regulatory authorities.

To assist with the transaction, JERA has been advised by Morgan Stanley and Mitsubishi UFJ Morgan Stanley, while Allen & Overy has provided legal counsel. Meanwhile, UBS and Linklaters have acted as financial and legal advisors, respectively, to Virya Energy.