Sumitomo Corp. has decided to sell its equity stakes in three offshore wind power projects off the coast of Belgium: Northwind (joined in 2013), Nobelwind (joined in 2014), and Northwester 2 (joined in 2018), and is proceeding with the sales sequentially.
The sales of Sumitomo Corp.’s stakes in Nobelwind and Northwester 2 to JERA Nex bp, an existing shareholder, have been completed. Additionally, Sumitomo Corp. has decided to sell its stake in Northwind to a consortium (Publiwind) comprising Belgian investment firms. Subject to approval from relevant authorities, the transaction is scheduled to be completed during FY26.
Sumitomo Corp. has been involved in every stage of these projects – from development and construction to operation – and has achieved stable operations and profitability over the long term, while contributing to the expansion and development of offshore wind power in Belgium.
Sumitomo Corp. announced in May 2024, in its Medium-Term Management Plan 2026, its commitment to accelerating the transformation of its business portfolio, aiming to further enhance corporate value by reallocating funds and management resources generated through asset divestitures to growth areas.
Furthermore, in May 2026, an offshore wind power project in France commenced commercial operation, further strengthening Sumitomo Corp’s presence in the European offshore wind sector.
Sumitomo Corp has pursued strategic capital allocation tailored to each business phase, balancing the realisation of value from mature assets with investment in new projects. Sumitomo Corp. will continue to combine these approaches to drive sustainable business growth.
In Europe, the adoption of renewable energy is accelerating against the backdrop of energy security and progress towards decarbonisation. Offshore wind power, in particular, plays a vital role as a large scale and stable source of electricity. Belgium is a promising market where institutional frameworks and policy support are advancing, and it remains a key focus area for Sumitomo Corp.
Sumitomo Corp. will continue to leverage the expertise and networks it has cultivated to date to promote business development and investment in the renewable energy sector, particularly in Europe, thereby contributing to the realisation of a sustainable society. Of the three transactions, the profit and loss for one have already been recognised in FY25 results, while those for the remaining two have already been incorporated into the initial forecast for FY26.
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