Japan to fund UK offshore wind

Japanese trading house, Marubeni, has confirmed it will sign a memorandum of understanding with the UK government pledging around £10 billion over the next ten years in project to support offshore wind, green hydrogen and other clean energy projects.

Masumi Kakinoki, CEO of Marubeni Corporation said: “We are thrilled to have forged a robust partnership with the United Kingdom, and we eagerly anticipate collaborating with the UK government to unleash a surge of investment into the nation’s clean energy transition.

“This endeavour not only signifies our commitment to the UK’s energy transition, but also reinforces Marubeni’s role as an active participant in the global march towards a sustainable future.”

Fellow trading company Sumitomo Corporation says it plans to expand its UK offshore wind commitments, investing £4 billion in projects off the coasts of Suffolk and Norfolk, and helping the UK achieve its goal of 50GW of offshore wind capacity by 2030.

Its electric services subsidiary, Sumitomo Electric Industries, has also announced it will build a key high voltage cable manufacturing plant in the Scottish Highlands, bringing more than £200 million in investment and helping the UK build resilient supply chains for offshore wind infrastructure.