Japanese corporate giant takes stake in huge offshore windfarm project in the Celtic Sea

Sumitomo Corporation has acquired a third stake in the Gwynt Glas project

A Japanese corporate has taken a third stake in a planned huge floating offshore windfarm off the coast of Pembrokeshire.

Having secured an option to develop a 1.5 gigawatt windfarm in the Celtic Sea from the Crown Estate last year, joint venture partners in the Gwynt Glas project, EDF power solutions and Irish Government-owned ESB, have sold a third stake to Sumitomo Corporation

The value of the deal, which gives the three parties an equal third ownership interest, has not been disclosed.

The floating offshore windfarm is one of three in the Celtic Sea being taken forward via the Crown Estate’s offshore wind leasing licensing round five. The other straddles Welsh and English waters, with a third solely in English waters.

Once all three are operational in the mid 2030s they will have combined capacity for 4.5 gigawatt of clean energy that would generate the electricity needs for more than four million homes and create more than 5,000 direct and supply chain jobs – creating a £1.5bn economic boost.

Gwynt Glas said its project continues to make “strong progress “having submitted its scoping report for the project to the Planning Inspectorate this summer

Matthieu Hue, chief executive of EDF power solutions UK and Ireland said “We are delighted to welcome Sumitomo Corporation to the Gwynt Glas team. Their extensive global experience in offshore wind development and investment complements our own and ESB’s, creating a powerful partnership dedicated to delivering this vital project for Wales and the UK. We look forward to working closely with our new and existing partners.”

Jim Dollard, executive director, generation trading at ESB said:“We are delighted to welcome Sumitomo Corporation to the Gwynt Glas project, and are looking forward to working with them together alongside our longstanding partners, EDF power solutions UK and Ireland.

“This marks another significant step at this stage of the project – one which is so important to us at ESB as offshore wind will be a cornerstone of the delivery of our net zero carbon emissions strategy.

Jun Minase, general manager, Overseas Energy Solutions SBU at Sumitomo Corporation, said: “We are delighted to join the Gwynt Glas project. As a large-scale floating offshore wind development being advanced by EDF power solutions UK and Ireland and ESB, the project represents an important opportunity to contribute to the energy transition.

“Leveraging our experience and expertise in both the UK market and the offshore wind sector, Sumitomo Corporation will work closely with its partners to support the successful development of the Project and enhance its long-term value.

“The United Kingdom remains an important strategic market for market for Sumitomo Corporation. Through this investment, we aim to contribute to the UK Government’s Net Zero 2050 ambitions while supporting the energy transition and the realisation of a more sustainable society.”

All three floating offshore windfarm projects in the Celtic Sea will seek contract for difference support, which will ensure energy produced will be commercially viable, from the UK Government. Turbines could be as high as the Shard building in London at 300 metres on floating platforms similar in size to a football pitch. They will be anchored to the seabed via huge chains.