Sumitomo Gallops Towards Co-Owning UK 336MW OWF

The deal on Sumitomo Corporation’s indirect acquisition of 12.5% share of the 336MW Galloper offshore wind farm is closing this month, according to SgurrEnergy, who provided independent technical advisory services to Sumitomo Corporation.

The services provided by SgurrEnergy included an assessment of the project’s permitting situation, contracting status and structure, construction timescales, capital and operating cost estimates and energy yield base case.

At the end of the last month, Sumitomo signed a contract to invest in the Galloper wind farm alongside Macquarie Capital and indirectly take a 12.5% stake in the project, which marks the fourth investment in offshore wind farms for Sumitomo, the company acquired shares in Belgium’s 165MW Belwind, 216MW Northwind, and 165MW Nobelwind projects.

Galloper’s equity sponsors, RWE Innogy UK, Siemens Financial Services, UK Green Investment Bank plc and Macquarie Capital, achieved financial close in October 2015. The project will consist of 56 Siemens SWT-6.0-154 wind turbines and is expected to become operational in early 2018.

Offshore construction of the Galloper offshore wind farm will commence with cable laying operations this month.