With the acquisition, Japanese JERA gets 771 MW of operational capacity in Belgium through the Belwind 1, Nobelwind, Northwester 2 and Northwind projects. Furthermore, Parkwind also has 257 MW under installation in Germany, through its fully owned Arcadis Ost 1 project, which is expected to be operational within the year. On top of the ongoing projects, the acquisition also brings along 4.5 GW of net capacity of conseptual projects. JERA, established by Tokyo Electric Power Company and Chubu Electric Power Company in 2015, has previously expressed interest of wanting to diversify into more mature markets after it announced its exit from the Taiwanese project Formosa 3 earlier this year.

This is not the first time Japanese energy giants have bought into European offshore wind. This acquisition comes after Tokyo Electric Power Company bought into Flotation Energy last year, and in 2020, Mitsubishi and Chubu Electric Power acquired the Dutch energy company Eneco for £4.1bn. which has a portfolio across Netherlands and Belgium.