Northwester 2 will cost about JPY 90 billion ($810 million) and will primarily be funded through non-recourse project finance, Sumitomo stated.
Construction of the site, located 52 kilometres off the coast of Belgium in waters 40 metres deep, will start later this year and finish in 2020.
In July, offshore contractor Jan de Nul signed an agreement to build it.
Sumitomo’s partner Parkwind is a developer that operates under the auspices of Belgian retail chain the Colruyt group, its family investment holding Korys and PMV, an independent investment company set up by the Flemish government.
It had reached an agreement with the Belgian government for a strike price of €79/MWh for the project, provided it is online in time to help the country meet its 2020 target of sourcing 13% of its electricity from renewable sources.
Sumitomo Corporation, which is part of a general trading group that also invests in metals, media, and transportation systems, has previously been involved in the 216MW Northwind and 165MW Nobelwind sites off the coast of Belgium, and at the 353MW Galloper and 573MW Race Bank projects off the UK coast.