UK Signs MoU with Japan for Investment in Energy Generation Projects

Signing of a Memorandum of Understanding on Tuesday by the Japanese Bank for International Cooperation (JBIC) and UK Trade and Investment (UKTI), secured the UK considerable funds for low-carbon energy generation and transportation projects, including that aimed at offshore wind industry development.

Taking into account the UK’s plan to cover 21% of its power needs from wind, the country will need to accelerate considerably its wind turbine installation rate so as to achieve the set goal of installing 28GW capacity by 2020. However, for this to become reality significant founding is needed.

Therefore, the Memorandum signing comes in a perfect moment for the UK to resume pursuing its strategy of sustainable economic development and implementation of infrastructural projects, in which Japanese companies expressed interest.

Namely, Japanese enterprises recognized considerable potential of the UK coast for development of off-shore wind industry, which is confirmed by the recent announcement of Japanese giant Mitsubishi Power Systems Europe Ltd (MPSE) on investment of up to £100 million in an engineering facility in Edinburgh.

The said investment was warmly welcomed by the public in the UK, especially having in mind its influence on boosting employment, i.e. over 100 new jobs.

The project could pave the way for creation of a key offshore wind turbine manufacturing site in Scotland, ensuring UK a spot among the leaders in renewable energy sector.

[mappress]

Offshore WIND staff, April 13, 2012; Image: number10