Japanese company Sumitomo Corporation has joined Macquarie Capital to invest in RWE’s 336MW Galloper offshore wind farm in the UK.
The Tokyo-headquartered outfit said today it will acquire an indirect 12.5% stake in the project as a result of the investment.
The transaction is due to be completed in the “coming months”, it added.
“As one of the key business areas, Sumitomo is actively seeking offshore wind business opportunities in the UK, which has the biggest offshore wind market in the world,” the company said.
“By leveraging on this experience, know-how and partnership with Macquarie Capital, as well as relationships with other stakeholders, Sumitomo aims to continue development of off-shore wind farms in Europe and contribute to global sustainability.”
The £1.5bn Round 2.5 project will feature 56 6MW Siemens turbines. RWE Innogy UK is a joint equity partner in Galloper, together with UK Green Investment Bank and Siemens Financial Services.
The wind farm is slated to enter commercial operation in 2018 with offshore construction due to start this year.
Image: Siemens
Sumitomo swoops at Galloper
Japanese outfit joins Macquarie to take 12.5% stake in 336MW UK project
By EBS