Integrated Wind Solutions (IWS) has entered into a strategic partnership agreement with Sumitomo Corporation for the Japanese company to take a 25.38 per cent stake in IWS’s subsidiary IWS Fleet.
IWS Fleet will raise EUR 60 million in equity by issuing new shares to Sumitomo Corporation based on a pre-money valuation of EUR 176 million.
Upon completion of the transaction, which is expected to occur in June, the Japanese company will own 25.38 per cent of IWS Fleet, with IWS continuing to own the remaining shares.
“We thank General Manager Mr. Takanaru Toyota, Ship & Marine Strategic Business Unit, and his dedicated team for a constructive process. We are enthusiastic about continuing to build IWS Fleet into a leading CSOV company together and exploring further expansion. IWS Fleet will be in a financially strong position following this transaction,” said Lars-Henrik Røren , CEO of IWS.
IWS currently has two commissioning service operation vessels (CSOVs) delivered to its fleet and four under construction at China Merchants scheduled for delivery in 2024 and 2025.
“IWS and Sumitomo Corporation share many visions and ambitions in the offshore wind industry where we see exponential growth and opportunities. We firmly believe that this partnership will boost IWS Fleet’s presence and enhance the value it creates in the CSOV market by leveraging the expertise and network each of us has,” said Takanaru Toyota , General Manager, Ship & Marine Strategic Business Unit, Sumitomo Corporation.
Sumitomo Corporation is a Japanese integrated trading company. The firm’s global business activities are spread across many industries, including shipping and offshore wind.
At the end of last year, the company, in a consortium with TEPCO Renewable Power, was awarded an offshore wind development site off the coast of Enoshima Island, Saikai City, in Nagasaki Prefecture, where it will build a 420 MW project.