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Jul. 29, 2016
Sumitomo Corporation

Sumitomo Corporation to invest in Galloper Offshore Wind Farm

Sumitomo Corporation (Head Office: Chuo-ku, Tokyo, President and CEO: Kuniharu Nakamura, hereafter “Sumitomo”) has signed a contract to invest alongside Macquarie Capital in Galloper Offshore Wind Farm (Galloper). Sumitomo will indirectly take a 12.5% stake in the project with the transaction due to complete in the coming months.
 
The equity sponsors of Galloper, RWE Innogy UK, Siemens Financial Services, UK Green Investment Bank plc and Macquarie Capital, achieved financial close in October 2015. The project site is located in the North Sea, 27km off the coast of Suffolk, United Kingdom. The wind farm has a water depth of 27-36m and has been under construction since financial close.
 
The total cost of the Galloper project is approximately GBP1,500 million. The wind farm comprises of 56 wind turbines manufactured by the Siemens Group (FWB:SIE)  supported by monopile foundations*. The total production capacity of the project is up to 336MW with the electricity generated to be sold through long-tem purchase power agreements with off-takers across the UK. The electricity generated will cater to the needs of approximately 336,000 households**. Commercial production is scheduled to commence in 2018 and is expected to provide clean energy for 25 years.
 
Sumitomo has globally (in Japan, United States, South Africa, etc.) developed its wind power business, which includes investments in three off-shore wind farms, Belwind (165 MW), Northwind (216 MW) and Nobelwind (165MW), all in Belgium in September 2014. As one of the key business areas, Sumitomo is actively seeking offshore wind business opportunities in the UK, which has the biggest offshore wind market in the world. By leveraging on this experience, know-how and partnership with Macquarie Capital, as well as relationships with other stakeholders, Sumitomo aims to continue development of off-shore wind farms in Europe and contribute to global sustainability.
 
*Monopile foundations
consist of a foundation pile and a transition piece, which is normally a highly efficient
type of foundation, and at present, it is the most popular option in European offshore wind farms.

 
**Energy predicted to be generated by the proposal is derived using wind speeds monitored in the local area and correlating to suitable reanalysis weather data  providing longer term data. The calculations are based on an installed capacity of  up to 336MW.  The energy capture predicted and hence derived homes equivalent or emissions savings figures may change as further data are gathered. Equivalent homes supplied is based on an annual electricity consumption per home of 4500 kWh. This figure is supported by recent domestic electricity consumption data available from The Digest of UK Energy Statistics and household figures from the UK Statistics Authority.
 

Inquiries

Corporate Communications Department,
Sumitomo Corporation

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