Sumitomo Corp. Buys Stakes In Two Offshore Wind Farms In Belgium

Japan-based Sumitomo Corp. has signed an agreement with Parkwind, a Belgian offshore wind company, to purchase minority stakes in two offshore wind farm projects off the coast of Belgium.

The Belwind 1 project has been in operation since late 2010 and has a production capacity of 165 MW. The Northwind project is currently under construction and will have a capacity of 216 MW. Both wind farms feature Vestas turbines.

Under the agreement, Sumitomo will acquire a 39% stake in the Belwind 1 project and a 33.3% stake in the Northwind project through its wholly owned subsidiaries following approval from the European Commission and other authorities.

Parkwind and Sumitomo have also entered into a project development agreement to work together on the development of the Belwind 2 project, a 165 MW offshore wind farm adjacent to Belwind 1.