Marubeni and Partners to Invest Billions of Euros in UK Offshore Wind, Green Hydrogen Projects

Business development

October 12, 2023, by Adnan Memija

Japan’s Marubeni has signed a memorandum of understanding (MoU) with the Department for Business and Trade of the UK Government on comprehensive cooperation in clean energy projects, including offshore wind and green hydrogen businesses in the UK.

Marubeni UK Government MoU — *Source: Marubeni*

According to Marubeni, the MoU affirms the partnership between the UK Government and the company, indicating the UK Government’s commitment to supporting Marubeni’s plans, with its partners, to invest approximately GBP 10 billion (about EUR 11.5 billion) in clean energy projects over the next ten years.

The UK Government has committed to the country achieving net zero greenhouse gas (GHG) emissions by 2050.

In addition, the country is aiming to deploy offshore wind farms with a total capacity of up to 50 GW by 2030, which will include up to 5 GW of floating wind and 10 GW of production capacity for low-carbon hydrogen.

According to RenewableUK’s latest EnergyPulse market intelligence data report, the UK’s total offshore wind pipeline was at 98 GW, second only to China with 157 GW. The pipeline includes projects at every stage of development, including operational, under construction, consented or planned.

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When it comes to Marubeni, the Japanese company signed an MoU in November 2021 with Scottish Enterprise on comprehensive collaboration for the decarbonisation of Scotland through floating offshore wind and green hydrogen businesses.

In May this year, Marubeni, together with Sumitomo Corporation, and Sumitomo Electric Industries committed to investing a total of GBP 14.2 billion (about EUR 16.4 billion) in offshore wind and green hydrogen projects, and the offshore wind supply chain in the UK.

Marubeni, which last year opened its first office in the UK (in Glasgow, Scotland) to support offshore wind and green hydrogen projects in the country, is developing what could become one of the world’s largest floating wind farms in Scotland, together with SSE Renewables and Copenhagen Infrastructure Partners (CIP).