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JERA and Virya Energy reach an agreement for the acquisition of Parkwind by JERA

published on 22/03/2023

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JERA and Virya Energy reach an agreement for the acquisition of Parkwind by JERA

On 22 March 2023, JERA Co., Inc. (“JERA”) signed an agreement with Virya Energy NV (“Virya Energy” or “Virya”) to acquire 100% of the shares of Parkwind NV (“Parkwind” or the “Company”), Virya Energy’s offshore wind energy platform. Closing of the transaction is expected later this year and is subject to customary conditions relating to approval by the relevant competition and other regulatory authorities.

JERA has entered into a definitive agreement with Virya Energy to acquire Parkwind for an equity value of close to €1.55 billion.

In addition, JERA and Virya will explore the possibility for Virya to re-invest in a minority stake in Parkwind’s Belgian wind farms and discuss collaboration on future opportunities within Belgium.

Parkwind, an established European offshore wind developer, owner and operator, headquartered in Belgium, will provide JERA with a significant platform upon which it will grow its renewables business globally, particularly in offshore wind. Together with JERA, the combined synergy will accelerate Parkwind’s offshore wind business into markets where JERA has a presence or is already well-positioned to participate in offshore wind development as part of the global decarbonization initiatives and low-carbon fuel production business growth. This represents an exciting opportunity for Parkwind and its employees to become an ever more important player in the rapidly expanding offshore wind industry on a global scale.

Under Virya’s ownership, Parkwind became the largest offshore wind platform in Belgium. and currently operates 4 offshore wind projects in Belgium totalling 771MW, is constructing the 257MW Arcardis Ost project in Germany and is developing a 4.5GW (net) pipeline of projects in Europe and beyond.

This transaction represents an important milestone for the development of the Company. Following the completion of the transaction, JERA is committed to funding the long-term growth of Parkwind and supporting its domestic and international expansion plan.

JERA will bring highly complementary capabilities and financial support to help the Company blossom, in a world where offshore wind will continue to play an instrumental role in facilitating global energy decarbonisation.

Quote from Nathalie Oosterlinck, Executive Officer, Global Head Offshore Wind, JERA:

“I am very happy to make this announcement today. Parkwind is a highly attractive investment opportunity and we have been impressed by the Company’s strong in-house project development, project delivery and operational capabilities, management track-record over the years as well as the quality of its asset portfolio, development pipeline and joint venture partners. For JERA, the Transaction is as much about people as it is about projects and pipeline, all of which Parkwind bring in a material and meaningful way.

Parkwind is highly complementary to JERA’s offshore wind strategy and ambitions, and we look to empower Parkwind to deliver on our vision and strategy. JERA has the ambition to significantly advance the expansion of renewable and low carbon energy on a global scale. There is a strong strategic, cultural, and industrial fit and complementarity between JERA and Parkwind. We look forward to welcoming Parkwind to JERA and creating a world-class global team.”

Quote from Paul Tummers, CEO, Virya Energy:

“I am very enthusiastic about our announcement today. As we communicated last summer, Virya had initiated an assessment of possible strategic development options for our offshore wind energy activities, operated through our subsidiary Parkwind, to ensure that it would have the best possible conditions to execute its ambitious growth plan in a rapidly changing industry. After conducting a competitive sale process over several months, Virya has signed an agreement with the candidate we believe is the best positioned to provide an exciting new home for the business, its partners, and employees.

Parkwind, a leading independent offshore wind platform that has successfully grown over the last 12 years, has a very promising development potential and is supported by highly skilled and capable people. Virya believes JERA will provide Parkwind with the best assets, expertise, and support to ensure the pursuit of its successfully initiated international journey towards a decarbonated future, reinforcing its long-term global potential out of its strong Belgian base.

This announcement is a strong milestone in the execution of Virya Energy’s strategy. This contemplated transaction, while being fundamentally triggered by the best interest of Parkwind, will also allow Virya together with its shareholders to increase its focus inn “fit for purpose energy” through investments in onshore wind energy, solar energy and green hydrogen.”

Quote from Eric Antoons and François Van Leeuw, co-CEOs, Parkwind:

“We, as part of Parkwind’s management team and all the Parkwind talents across the platform, are thrilled by this announcement which is opening an exciting new era for our offshore wind activities in Europe and across the world.

We are looking forward to benefiting from JERA’s global experience and capabilities to take the Company to a next level in terms of growth and expansion potential, with a renewed commitment to be a leading enabler of the energy transition in an environmentally and socially responsible manner. We see a clear alignment on business and people culture between Parkwind and JERA and are convinced that this will allow us to boost the value creation for our future shareholder, our windfarms, our partners, our talented teams and our planet.”

Closing of the transaction is expected later this year and is subject to the suspensive condition of approval by the competition authorities and other regulatory authorities.

For the transaction, JERA has been assisted by Morgan Stanley and Mitsubishi UFJ Morgan Stanley as sole financial advisor and by Allen & Overy as legal counsel, and Virya Energy has been assisted by UBS as sole financial advisor and by Linklaters as legal counsel.


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Maarten van der Horst

Head of Projects

Maarten joined Parkwind and more specifically the Oriel project team in early 2021. He brings 17 years of experience in the energy industry having worked at Engie's renewables arm first as an engineer, later as offshore specialist.

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Wim Verrept

IT Services Manager

He joined Parkwind in 2016 as risk manager, during the installation phase of Nobelwind. Since then his responsibilities have expanded to include IT and the QHSSE department. Before joining the company, he worked as a risk manager at large financial institution in Belgium.
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Ingrid Dony

HR Manager

Ingrid joined Parkwind in 2013 and manages the Human Resources department. Her expertise in corporate HR has created the foundations in Parkwind’s evolving and rapidly growing employee and consultant base. Her team manages everything from payroll to employee development and communications. She has been instrumental in preparing the organization for international expansion and the digitalization of numerous HR legal and administrative tools.

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Dirk Dewettinck

Head of R&D

At Parkwind since 2015 he manages the engineering resources involved in project development, design and construction. He was closely involved in the technical management of the Nobelwind and Northwester 2 projects. Prior to joining Parkwind, he was involved in other offshore wind projects, working for a major wind turbine supplier, and prior to that he worked for more than 15 years with major engineering contractors in projects around the world, mainly in the conventional power generation construction and services (steam, gas, nuclear).
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Clément Helbig de Balzac

Project Director Arcadis Ost 1

Joining Parkwind in 2011 as a project finance specialist and he was heavily involved in the financing and construction of Northwind and Nobelwind. Thereafter, as project finance manager, he led the financing process of Northwester 2 and the refinancing of three operational offshore wind farms of the Parkwind portfolio. He is also involved in business development projects for his expertise lies in financing processes, construction contract negotiation, contracting strategy and development and construction management.
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Edward Van Melkebeek

Head of Technology

Since joining Parkwind in 2018, he has been leading the Technology team responsible for leveraging Parkwind’s know-how in civil, electrical and WTG packages to development of new projects. The team also performs a supply chain role, managing technical aspects of project contracts. Previously, he has built extensive practical and managerial experience in the offshore construction business for over 22 years at a global leading dredging and offshore contractor strongly active in the offshore wind industry.
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Mathias Van Steenwinkel

Business Development Manager

He joined Parkwind in 2012 working on financial modelling, PPA negotiations and the overall financial close processes. Since 2016, he is heading the growing business development department playing a key role in the identification of new projects, global partnerships and tender preparations.
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Kristof Verlinden

O&M Manager

With Parkwind since 2010, he is responsible for the asset management and production management of all of Parkwind’s offshore operational assets. The O&M organization plays a pivotal role in project development incorporating strategic insight to ensure frictionless O&M operations from the moment of first production. The team also supplies external support services, is involved in numerous R&D initiatives with universities and wind farm performance analysis using state of the art data systems. Kristof joined Parkwind with an engineering background in international service support business and wind turbine driveline design validation.
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Pieter Marinus

General Counsel and Investment Relations Director

As a former Parkwind board member, he has been involved in the financial close and follow-up of every Parkwind project as well as in their acquisition and divestment processes. Prior to joining Parkwind’s management in 2017, he was also in charge of multiple other renewable energy investments and financings around Europe, notably as Investment Director at Korys.
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Peter Caluwaerts

Head of Engagement Management

After years of building extensive experience in large construction works, he started his career in offshore wind in 2010 by taking up the role of CLO of Parkwind, responsible for regulatory, legal and contracting matters for Belwind and Northwind windfarms. Since then, as Project Director, he’s led the Northwester 2 project completed in 2020 and is now responsible for Parkwind’s Irish projects Oriel and Clogherhead. He plays an instrumental role in organizing Parkwind’s international expansion and growth.
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Eric Antoons

co-CEO

Before joining the company in 2013, he worked for one of the largest power and gas suppliers in Belgium, in both operational and executive functions. Joining Parkwind in 2013 as COO, he supervised the construction of three wind farm projects and the considerable growth of O&M activities. Since becoming co-CEO in 2016, he has also developed Parkwind’s R&D activities to the forefront partnering with universities and several technology start-ups.
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François Van Leeuw

co-CEO

He joined Parkwind as CFO in 2009 and has been leading the financing and development of Parkwind's first wind farms. In his role he’s particularly involved in new business and partnership development for Parkwind globally. He is also serving as the chairman of the Belgian Offshore Platform, the non-profit association of investors and owners of Belgian wind farms.
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Paul Tummers

CFO

Arriving to Parkwind in 2019, after a broad career in energy and infrastructure, he has taken a leading role in Parkwind’s international expansion from both corporate finance and organizational restructuring.