Japan’s state-owned Development Bank of Japan (DBJ) is set to buy a stake in a 172MW offshore wind project (pictured) in England.

The Bank said it has entered into an agreement with Marubeni Corporation to buy half – or 24.95% – of its stake of the Gunfleet Sands wind farms 1 and 2. Marubeni had initially bought the holding for £200 million in 2011.

DONG Energy will retain its majority ownership and continue to operate the project, which is located around seven kilometres south-east of Clacton-on-Sea, Essex.

DJB said in a statement: “By partnering up with Marubeni and DONG Energy, who is the market leader in offshore wind, DBJ will be able to support domestic and international renewable energy projects.”