Belgium

Belgium

Sumitomo buys Northwester 2 stake

BELGIUM: Japanese investment firm the Sumitomo Corporation has acquired a 30% share in Parkwind's 219MW Northwester 2 wind farm.

Northwester 2 is among a handful of sites at which MHI Vestas' V164-9.5 (above) is due to be installed
Northwester 2 is among a handful of sites at which MHI Vestas' V164-9.5 (above) is due to be installed

Northwester 2 will cost about JPY 90 billion ($810 million) and will primarily be funded through non-recourse project finance, Sumitomo stated.

Construction of the site, located 52 kilometres off the coast of Belgium in waters 40 metres deep, will start later this year and finish in 2020.

It will comprise 23 units of MHI Vestas’ V164-9.5MW model — the first commercial deployment of the turbine — installed on monopiles and transition pieces fabricated by Bladt Foundations.

In July, offshore contractor Jan de Nul signed an agreement to build it.

Sumitomo’s partner Parkwind is a developer that operates under the auspices of Belgian retail chain the Colruyt group, its family investment holding Korys and PMV, an independent investment company set up by the Flemish government.

It had reached an agreement with the Belgian government for a strike price of €79/MWh for the project, provided it is online in time to help the country meet its 2020 target of sourcing 13% of its electricity from renewable sources.

Sumitomo Corporation, which is part of a general trading group that also invests in metals, media, and transportation systems, has previously been involved in the 216MW Northwind and 165MW Nobelwind sites off the coast of Belgium, and at the 353MW Galloper and 573MW Race Bank projects off the UK coast.

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