Japan's Inpex buys stake in UK offshore wind farm from Mitsubishi

Inpex 1605, Japan's largest oil and gas exploration and production company, said on Thursday it has bought a 16.7% stake in the Moray East offshore wind farm in Scotland from Mitsubishi 8058 to expand further into renewable energy.

The Moray East offshore wind farm, launched last April, has capacity of 950 megawatts from 100 turbines, with French energy company Engie ENGI and Kansai Electric Power Co 9503 among its other shareholders.

The sale was part of Mitsubishi's "value-added cyclical growth model", or redirection of resources to other areas if the business environment has changed, Mitsubishi said in a statement to Reuters. The company also said it would continue expanding its power business in Europe through Eneco, its Dutch joint venture with Chubu Electric 9502.

Inpex did not provide the value of the deal but said that acquisition's impact on its financial results would be minimal.