Sumitomo Corporation Exits Three Belgian Offshore Wind Projects

Sumitomo Corporation has decided to divest its equity stakes in three Belgian offshore wind projects as part of its portfolio rotation strategy, with two of the transactions already completed and the third progressing toward regulatory approval.

The Japanese group has completed the sale of its stakes in the 165 MW Nobelwind and 219 MW Northwester 2 offshore wind farms to JERA Nex BP, its existing partner in the projects. Following these transactions, JERA Nex BP has increased its ownership in Nobelwind and taken full ownership of Northwester 2.

Sumitomo is also divesting its stake in the 216 MW Northwind offshore wind farm to a consortium of Belgian investment firms, with the transaction expected to close during fiscal year 2026, subject to regulatory approvals.

Northwind had been owned by Sumitomo and Parkwind, now part of JERA Nex BP, until March 2024, when Aspiravi Offshore bought Parkwind’s share.

Sumitomo’s share will now be acquired by Publiwind, a consortium comprising Belgian investment firms and public investment institutions: the Belgian insurance company Ethias SA, the investment tool of Walloon local authorities for the energy transition, SOCOFE SA, and SFPIM, the Belgian sovereign wealth fund.

The Northwind offshore wind farm, located 37 kilometres from the Belgian coast, features 72 Vestas 3 MW turbines and was commissioned in 2014.

Sumitomo said that proceeds from its asset divestments will be redirected toward growth areas under its Medium-Term Management Plan 2026, announced in 2024, as part of a broader strategy of capital reallocation within its global renewable energy business.

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