Sumitomo buys 29.5% stake in French offshore wind projects

It formed a consortium with ENGIE and EDP Renewables for the development of the projects.

ENGIE and EDP Renewables (EDPR) forged an alliance with Japanese giant Sumitomo Corporation for the development of offshore wind projects in Yeu-Noirmoutier and Dieppe-Le Tréport. As part of the alliance, Sumitomo bought a 29.5% equity stake in the projects.

The Japanese firm will also share its offshore wind expertise in development, construction, and operation.

ENGIE remains the reference shareholder with a 31% stake in both parks (496 MW each), in partnership with EDPR (29,5%) and La Banque des Territoires (part of Groupe Caisse des Dépôts, 10%).

“Sumitomo Corp is also one of ENGIE’s long-time trusted partners and co-investors in desalination and geothermal projects in the Middle-East and Indonesia,” ENGIE said.

“Socio-industrial commitments remain confirmed. This new alliance underlines the attractiveness of the French offshore wind market and the implementation of a French Marine energy sector,” it added.