Wind

Mitsui buys stake in Norwegian offshore wind developer Odfjell

Deal could help Odfjell’s efforts to roll out 15MW floating wind design it released earlier this year

A signing ceremony for the deal took place in Oslo.
A signing ceremony for the deal took place in Oslo.Foto: Odfjell Oceanwind/Mitsui OSK Lines
Journalist

Japanese shipping giant Mitsui has bought a stake in Odfjell Oceanwind, which says the deal will help strengthen its position in the offshore wind market.

Odfjell and Mitsui OSK Lines (MOL), the shipping division of Mitsui Group, said the deal enables Odfjell to “accelerate its business plan of supporting and partnering with offshore wind park developers in realising floating offshore wind projects” using its proprietary tech.

This tech includes a giant 15MW floating wind design Odfjell released earlier this year, with the turbine tower eye-catchingly positioned in the centre of the platform
Odfjell said the design has already been chosen for its UtsiraVIND partnership with renewables group Source, Japanese utility Kansai Electric Power, and IKEA’s investment arm for the ongoing Utsira Nord seabed lease competition.
The design is also being used for the first-ever floating wind farm in the Arctic Circle. And Odfjell says the 15MW giant is being considered for Scotwind offshore farms and a total of 50GW of projects globally with a commercial operation date before 2035.

“MOL is a quality investor that perfectly complements our existing shareholders”, said Odfjell CEO Per Lund.

“Being one of the world’s largest shipping companies operating more than 800 ships, and with a rapidly increasing service portfolio relevant for floating offshore wind, MOL comes with valuable resources and experience that will be important to Odfjell Oceanwind in the time to come.”

Masayuki Sugiyama, executive officer for MOL’s wind division, said the company sees “promising potential” in the Odfjell technology.

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Published 6 October 2023, 11:54Updated 6 October 2023, 11:54
Odfjell OceanwindMitsuiNorwayJapanEurope