Financing secured and construction works commence for Éoliennes en Mer Dieppe Le Tréport Offshore Wind Farm Project in France

-Further expansion of offshore wind power projects in Europe-

Sumitomo Corporation?Head Office?Tokyo, Japan; President and CEO: Masayuki Hyodo?together with Ocean Winds (Head Office: Spain, an offshore wind energy developer which is a JV between ENGIE (Head Office: France, a global energy and services group) and EDP Renewables (Head office: Spain, a global leader in the renewable energy sector)) and Caisse des Dépôts et des Consignations (Head office: France, a public financial institution of France) have secured financing for the Éoliennes en Mer Dieppe Le Tréport Offshore Wind Farm Project (the “Project”) in France on April 26, 2023 and will start construction in May 2023.

Sumitomo Corporation joined the Project in December 2018 and has been jointly developing the Project which is located about 15 km off the coast in the English Channel. After securing approximately EUR 2.4 billion in financing, the Project company will proceed with the construction of the wind farm aiming for completion by the second half of 2026. The total project cost is around EUR 2.7 billion and the project period is planned to be 25 years from the completion of construction. The production capacity of the Project will be approximately 500MW with electricity to be purchased by a utility in France under a long-term power purchase agreement to serve around 850,000 people with electricity each year. 

The French Government has set a long-term goal of achieving carbon neutrality by 2050 and plans to introduce 40 GW of offshore wind farms by the same year. In addition to this Project, Sumitomo, Ocean Winds, Caisse des Dépôts et des Consignations and Vendee Energie (Head office: France, a semi-public company for the production and distribution of renewable energy) are also jointly developing the Éoliennes en Mer des Iles d’Yeu et de Noirmoutier Offshore Wind Farm Project, which has started construction this month, located approximately 12 km off the coast in the Bay of Biscay, France. The total production capacity of the Project and the Éoliennes en Mer des Iles d’Yeu et de Noirmoutier Offshore Wind Farm Project is expected to be approximately 1 GW (net power generation capacity of around 300 MW). Through these large-scale offshore wind projects, Sumitomo Corporation aspires to contribute to France’s energy transition. Sumitomo Corporation is aiming to further contribute to achieving the French renewable energy targets by participating in other offshore wind projects including floating offshore wind projects in France. 

Sumitomo Corporation focuses on achieving carbon neutrality in 2050 and has set a medium-term target of increasing the supply of renewable energy from approximately 1.8 GW (as of March 2023) to more than 3 GW on a net ownership generation capacity basis by 2030. The company expects to further bolster this to 5 GW. In order to contribute to the realization of a sustainable society, Sumitomo Corporation will further endeavour to develop and deploy hydrogen and other carbon-free energies and promote renewable energy projects.

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?Project Summary