Japan’s Marubeni Corp has pledged to invest 10 billion pounds ($12.3 billion) in clean energy in the UK over the next decade with partners, according to a memorandum of understanding (MoU) signed on Wednesday.
Marubeni and the UK government signed the memorandum of understanding, which also covers Scotland’s floating offshore wind energy, in Tokyo.
“Japan and the United Kingdom are both important markets as demand for offshore wind, clean energy and hydrogen are expected to grow,” Hiroshi Tachigami, general manager of Marubeni’s offshore wind and domestic renewable energy division, told reporters.
Marubeni, which plans to invest around £1 billion of its own, expects several support measures from the UK government, including assistance with the offshore wind project to ensure stable income from energy sales.
Of the planned investments, the 3.6 gigawatt Ossian floating offshore wind farm in Scotland will be the largest project, according to Marubeni.
($1 = Pounds 0.8143) (Reporting by Yuka Obayashi; Editing by Muralikumar Anantharaman and Jason Neely)