Japanese giants Marubeni Corporation, Sumitomo Corporation, and Sumitomo Electric Industries have made a significant commitment to investing in the UK's offshore wind and green hydrogen projects, as well as the offshore wind supply chain. The total investment amounts to GBP 14.2 billion (approximately EUR 16.3 billion). This announcement comes ahead of the UK Prime Minister's business reception in Tokyo on 18 May, where the UK government unveiled that leading Japanese businesses would invest GBP 17.7 billion (approx. EUR 20.3 billion) in various UK businesses and projects.
Among the Japanese companies, Marubeni is set to sign a memorandum of understanding (MoU) with the UK government. The company plans to invest approximately GBP 10 billion (approx. EUR 11.5 billion) in the UK over the next decade, in collaboration with its partners. Marubeni's investment strategy includes offshore wind projects in Scotland and green hydrogen projects in Wales and Scotland. In fact, the company, together with SSE Renewables and Copenhagen Infrastructure Partners (CIP), is working on the development of one of the world's largest floating wind farms in Scotland. This project aligns with Marubeni's focus on supporting offshore wind and green hydrogen initiatives in the UK, as demonstrated by its establishment of an office in Glasgow, Scotland last year.
Sumitomo Corporation, another prominent Japanese company, also intends to expand its offshore wind projects in the UK. This expansion plan would result in a total investment of GBP 4 billion (approx. EUR 4.6 billion) in projects off the coasts of Suffolk and Norfolk, in collaboration with its partners.
Additionally, Sumitomo Electric Industries has made an announcement regarding the construction of a high-voltage cable manufacturing plant in the Scottish Highlands. This venture represents an investment exceeding GBP 200 million (approx. EUR 230 million) and is expected to create around 150 job opportunities.
The UK government, in a press release, highlighted the importance of such investments in building resilient supply chains for critical infrastructure, particularly offshore wind projects. It also emphasized the positive impact on UK developers' contribution to the country's economic growth.
Sumitomo, in collaboration with Sumitomo Mitsui Banking Corporation (SMBC) and Development Bank of Japan, established a fund dedicated to overseas offshore wind projects back in 2019. This fund acquired Sumitomo Corporation's assets in the Race Bank and Galloper offshore wind farms in the UK as initial investments. Additionally, Sumitomo is involved as a project partner in the proposed Five Estuaries offshore wind project, which aims to extend the operational Galloper wind farm.
