GL Garrad Hassan notes that it provided technical due diligence advice to Japan-based Sumitomo Corp. and its subsidiary Sumitomo Corp. Europe before they recently invested a significant amount of equity in two Belgian offshore projects.
GL Garrad Hassan says the Belwind 1 operational wind farm and Northwind project together account for 127 wind turbines and 381 MW of generating capacity, with a total project cost of about EUR 1.55 billion. Sumitomo agreed to take 39% of Belwind 1 and 33% of Northwind.
According to the GL, its team examined the key areas of technical risk, including energy production, technology and design, asset status, contracts, grid and permitting.
"This deal is proof, if it were needed, that offshore wind is a proven asset class," comments Jo de Montgros, head of independent engineering at GL Garrad Hassan. "We were delighted to be able to assist with the mobilization of new capital in the offshore wind business by providing the required level of clarity and independence to our customer."