Graeme Bruce

Listed on the Tokyo Stock Exchange, TEPCO is Japan’s largest utility company. Its subsidiary, TEPCO Renewable Power, has a generating capacity of 9.9 GW of renewable energy in Japan. This is TEPCOs first major venture into offshore wind markets in the UK and overseas. 

The Flotation team is well known for floating offshore wind and energy transition projects. Its founders Allan MacAskill and Lord Nicol Stephen developed the Kincardine Offshore Wind Farm off the coast of Aberdeen, which is currently the world’s largest floating offshore wind farm.

Currently Flotation has interests in the Morecambe fixed foundation offshore wind project in the Irish Sea (480MW) and the White Cross offshore wind project in the Celtic Sea (floating offshore, 100 MW). The group is also developing 13 separate projects to deliver more than 12GW of fixed and floating wind farm capacity across the UK, Ireland, Taiwan, Japan and Australia.

Lord Nicol Stephen, CEO & co-founder of Flotation Energy, 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.”

Flotation’s shareholders were advised on the deal by international law firm CMS’ and the energy firm will now become part of the TEPCO Group.

The CMS team was led by Glasgow corporate partner Graeme Bruce and associate Alastair McNaughton, together with a number of other specialists from across the firm.

Lord Stephen, commented: “The CMS team literally worked round the clock - and across various time zones - to deliver this deal. Their skill and professionalism were outstanding and their heroic efforts went well beyond the normal call of duty. I will always be very grateful to them, particularly as this is such an important deal for the future of our company.”

Mr Bruce, at CMS added: “We are delighted to have been able to assist the Flotation Energy team with this landmark transaction. We wish them every success in this next evolution of their business.”

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.”