UK strikes deal in Tokyo for $12bn green energy investment boost
MoU with Marubeni is ray of light for British renewables after a grim few months, especially in the wind sector
The UK’s green energy ambitions have been given a $12.3bn shot in the arm as its government strikes a deal with Marubeni Corporation that will see the Japanese trading house and its partners invest in floating wind and other renewables projects.
The UK government and Marubeni signed the memorandum of understanding in Tokyo yesterday (Wednesday).
The signing ceremony was attended by the UK's ambassador to Japan, Julia Longbottom, the UK's minister of business and trade Lord Dominic Johnson, and the chief operating officer of Marubeni's power division, Satoru Harada.
Marubeni said today that the government had committed to supporting its plans, alongside partners, to invest around $12.3bn in clean energy projects in the UK over the next decade.
Marubeni said it will feed back the “knowledge and experience gained” through its UK investments to Japan, “thus actively contributing to Japan’s decarbonisation efforts.”
Marubeni highlighted that it has previously signed a memorandum of understanding with Scotland's national economic development agency on “comprehensive collaboration for the decarbonisation of Scotland through floating offshore wind and green hydrogen businesses.”
Marubeni is part of a joint venture with SSE and Copenhagen Infrastructure Partners planning on building the 3.6GW Ossian project, which will be the world’s largest floating wind farm when brought online in the 2030s.