Sumitomo Corp announces acquisition of 30% stake in 219 MW offshore wind project in Belgium
Sumitomo Corporation has announced that it has acquired 30% of the shares of Northwester 2, an offshore wind project being developed by Parkwind in the North Sea about 52km off the coast of Belgium.
The total project cost is estimated to be around JPY90 billion (US$810 million), and the funds are to be procured primarily through non-recourse project finance. Construction is set to begin later this year and to conclude in 2020.
The wind farm has a 25-year lifespan and will supply enough electricity to power 210,000 households. It will consist of 23 turbines about 190 meters in total height with a power-generating capacity of 9.5 MW.
This acquisition marks Sumitomo Corporation’s fourth joint endeavor with Parkwind in Belgium. No financial details have been disclosed.
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