Japanese shipowner NYK is gearing up to capitalise on Taiwan’s offshore wind market with a new investment.
The giant group has taken an unspecified stake in Iovtec, a domestic service company in the sector, through buying newly issued shares.
Iovtec and its subsidiary companies, collectively known as the IOG Group, work on wind farms across Asia.
The group carries out marine surveys, construction support, vessel chartering, management and repair, and the operation and maintenance of sites, spanning the entire wind farm life cycle.
This spans the early stages of project development site investigation right through to the construction period and into long-term operation and maintenance, NYK said.
Since 2014, Iovtec has played a crucial role in Taiwan’s offshore wind industry, a leading market in Asia, the owner added.
“NYK participates in offshore wind power projects based on its knowledge of ocean shipping and relationships with overseas and local partners through community-based business, such as the company’s crew transfer vessel operations and its training centre for offshore wind farm operators and seafarers,” NYK said.
Through the new investment, the partners will contribute to developing Japan’s offshore wind power industry, based on their knowledge, know-how, track records and networks, to further strengthen their position in the Taiwan market, they said.
The aim is to also further expand offshore wind power-related projects in the Asia-Pacific region.
Iovtec is based in Taipei, was formed in 2013 and is run by chief executive Vincent Tsai.
In February, NYK took over Swedish wind shipping company Northern Offshore Group (NOG) and its subsidiary Northern Offshore Services, a specialist in crew transfer vessels.
NOG then entered a new vessel market by snapping up a service operation vessel from John Fredriksen-backed Edda Wind.(Copyright)
