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The UK government and Japan’s Sumitomo Corporation have signed a memorandum of understanding, under which the company plans to invest GBP 7.5 billion (approximately EUR 8.7 billion) into infrastructure and renewable energy projects across the UK by 2035.
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The investment will be focused on key offshore wind and hydrogen projects, according to the UK government.
“We have made active investments in several business sectors in the UK, including decarbonisation and clean energy. Under the UK’s new industrial strategy, clean energy is designated as a priority sector. Through this agreement with Office for Investment, we will continue to leverage our strengths to drive growth in the clean energy sector in the UK,” said Hajime Mori , Managing Executive Officer, Group CEO, Energy Transformation Business Group, Sumitomo Corporation.
Major ongoing or planned initiatives in the UK include the Galloper and Five Estuaries offshore wind farms, among others.
“The UK is a top investment destination for Japanese businesses, so I’m delighted to be in Tokyo to sign this new collaboration with Sumitomo Corporation. This is yet another major vote of confidence in our economy and shows international backing for our modern Industrial Strategy, which shows our Plan for Change is working,” said Minister for Investment Baroness Poppy Gustafsson .
The UK expects to open the Contract for Difference (CfD) Allocation Round 7 (AR7) in August and announce the results between late 2025 and early 2026.
In addition, the UK is setting up a new Supply Chain Investment Programme worth GBP 350 million to invest in the construction of new port and supply chain infrastructure that will support the delivery of UK offshore wind projects, according to The Crown Estate.
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13 days ago
about 1 year ago
The UK government and Japan’s Sumitomo Corporation have signed a memorandum of understanding, under which the company plans to invest GBP 7.5 billion (approximately EUR 8.7 billion) into infrastructure and renewable energy projects across the UK by 2035. The investment will be focused on key offshor
