Japanese companies have committed to invest more than $22bn in the UK, including funding for offshore wind, low-carbon hydrogen and other clean energy projects.
Trading house Marubeni Corporation had announced its intention to sign an agreement with the UK government which envisaged close to $12.5bn of investment in Britain with partners over the next 10 years. This includes offshore wind in Scotland and green hydrogen projects in Wales and Scotland.
Marubeni’s counterpart Sumitomo Electric intends to expand its UK offshore wind projects, leading to a total investment of about $5bn in projects off the coasts of Suffolk and Norfolk alongside its partners. Meanwhile, Sumitomo Electric Power Cable & Energy Solution Industries plans to build a high voltage cable manufacturing plant in the Scottish Highlands, bringing more than $250m in investment, that should bolster UK’s offshore wind supply chains.