Mitsui OSK Lines (MOL) and Toyo Construction established a joint venture (JV) to investigate prospects in offshore wind power in Japan. Following a study and discussions on potential areas of collaboration, the companies formed the 50:50 joint venture. MOL Shipping and Toyo, a provider of maritime and civil engineering services, intend to collaborate in a variety of offshore wind-related fields, such as survey planning, the acquisition of work boats, and offshore construction.
This JV will integrate MOL’s know-how in ship construction, ownership and operation and Toyo’s expertise and human resources in offshore construction along with its technological development in the sector. The new business is expected to contribute significantly to the sector’s value chain as an engineering and solutions company, allowing it to meet the demand for a wide range of businesses in offshore wind, which will play a crucial role in renewable energy supply in the future.
In March 2023, Mainstream Renewable Power announced that Mitsui & Co., Ltd, agreed to invest EUR €575 million in Mainstream in the form of new common shares. This corresponds to a 27.5 percent equity stake in the company, and would enable Mitsui to take a long-term active role in Mainstream’s growth. Following this transaction, Aker Horizons would own 54.4 percent of Mainstream.
REGlobal’s Views: Japan has emerged as an important destination for offshore wind especially as the country has limited land availability for large onshore wind and solar projects. Further, the country has ambitious offshore wind targets and competitive bidding based project allocation mechanism attracting major investors and developers.
