Participation in the Netherlands Offshore Wind Power Project

Chubu Electric Power Co., Inc. ("Chubu") has decided to participate in Hollandse Kust West ("HKW") Site VI offshore wind power project ("Project") located approximately 53km off the northwest coast of the Netherlands, which is being developed by Shell plc ("Shell") and N.V. Eneco ("Eneco"), and has entered into an agreement with Eneco to obtain 30% of equity shares of Ecowende C.V. ("Project Company"), the operating company of the Project.

For Chubu, this is the first time to directly invest in an offshore wind power project outside Japan.

In December 2022, the consortium between Shell and Eneco acquired the concession right to operate the Project through public tender. The Project Company is planning to construct an offshore wind farm, which can supply 760MW to the Dutch power grid, and will start its commercial operation in 2026. This Project will implement various measures to promote harmony with marine ecosystems.

Hiroki Sato, Senior Managing Executive Officer and Division CEO of Global Business at Chubu, commented: "This is a significant step for us to enhance our partnership with Eneco and Shell. The main concept of this Project is Ecological Innovation, which is the first one for offshore wind farm in the world. Thanks to this concept, Ecowende will build and operate the wind farm with minimal impact on the environment and protected species. I am convinced that the concept of Ecological Innovation will become mainstream globally in the near future, including Japan and Asia."

As Tempelman, President & CEO at Eneco, stated that: "I am very pleased with Chubu's participation in Ecowende. Our strategic partnership is much valued, and this arrangement will intensify our collaboration in the offshore wind business. Furthermore, the divestment proceeds will enable us to make new investments in renewable energy assets as part of our One Planet Plan, with the goal of becoming a climate neutral energy company in 2035".

By participating in the Project directly, Chubu expects to acquire experience in the offshore wind power business from the beginning of the construction all the way to operation, as well as knowledge of Ecological Innovation. Chubu intends to apply the experience and knowledge gained through this Project to offshore wind farm projects in Japan and other countries.

In Chubu's global business, we will contribute to the realization of a decarbonized society and further increase earnings by building an optimal portfolio that combines the segments of (i) "Green Field" centered on renewable energy, (ii) "Blue Field" in relation to decarbonization, (iii) "Retail, power transmission and distribution, and new services" and (iv) "Frontier Field".

【Summary of the Project】

Location	Approx. 53 kilometers off the northwest coast of the Netherlands
Grid capacity	760MW
Schedule	2024: Start of construction 2026: Start of commercial operation
Shareholding company(Note)	Shell (60%), Chubu (30%), Eneco (10%)

(Note)After participation by Chubu

Project Site

Image of the Offshore Wind Farm

ⓒEcowende C.V., All rights reserved.

Appendix: Outline of Eneco

• Eneco's corporate profile