Sumitomo to take minority stakes in Belwind and Northwind projects

BELGIUM: Sumitomo Corporation has announced it has entered into an agreement with Belgian company Parkwind to take shares in Belwind 1 and Northwind.

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Parkwind’s shareholders are the Colruyt Group, Korys NV and PMV. The 165MW Belwind 1 project, which has been online since 2010, cost €650m to build. Northwind is currently under construction at an estimated cost of €900m. 

Sumitomo will acquire a 39.0% stake in the Belwind 1 project and a 33.3% stake in the Northwind project through its wholly owned subsidiaries following the approval from the European Commission and any other competent authority.

Parkwind and Sumitomo have also entered into a project development agreement to work together on the 165MW Belwind 2 project.

This is not Sumitomo's first move into offshore wind. It is also part of a Hitachi Zosen-led consortium to invest around €1.2 billion in offshore wind projects off Japan. The consortium’s initial target is to install 300MW within the next ten years.

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