Japanese Shipowner Invests in Wind Turbine Maintenance Company

Business & Finance

January 10, 2024, by Adnan Memija

Japanese shipowner Mitsui O.S.K. Lines (MOL) has signed an agreement to form a capital alliance by acquiring most of the outstanding shares of its compatriot Hokutaku.

According to MOL, Hokutaku is the largest third-party wind turbine maintenance company in Japan covering about 80 per cent of the approximately 2,600 wind turbines in the country.

“While Hokutaku has a sufficient track record and operation and maintenance (O&M) technology performance, it is moving away from individual ownership amid the industry’s rapid growth in size and project scale,” MOL said.

MOL said that the company began discussions with Hokutaku in 2017, which has helped MOL accelerate its entry into the power industry. In addition, the two companies established the Hokutaku MOL Wind Energy Investment Limited Partnership in 2022 intending to invest in the offshore wind business.

MOL and Hokutaku unveiled in February last year that they will construct a training center specialising in the practical operation and maintenance management of offshore wind farms.

Tokyo-headquartered MOL established its Wind Power Energy Business Division in 2021 to expand and accelerate activities in the offshore wind sector.

Since then, the company concluded a time charter contract with Shimizu Corporation in June 2023 for two crew transfer vessels (CTV) for the Ishikari Bay New Port offshore wind project in Japan which marked MOL Group’s entry into the CTV business.