Sumitomo buys stake in Estonian offshore wind project

Japan’s Sumitomo Corporation has bought a 50% stake in the 1GW Liivi wind farm being developed by Enefit Green off the coast of Estonia.

Sumitomo bought into the wind farm through the acquisition of half the ownership interest in project company Liivi Offshore. The remaining half is owned by Enefit Green, a renewable energy developer and subsidiary of the Estonian state-owned energy company Eesti Energia.

This agreement marks Sumitomo’s participation in the upcoming tender for an offshore wind power project in Estonia.

Estonia is aiming to move away from oil shale power generation, which has historically been the mainstay of its electricity supply. Investments in the renewable energy sector, including offshore wind power projects, are highly anticipated.

“Through this collaboration, Sumitomo Corporation aims to contribute to the realization of a sustainable society by advancing the development of offshore wind power projects in Estonia,” Sumitomo said.

The 1GW Liivi offshore wind farm will be developed using between 50 and 100 wind turbines depending on their height and other technical parameters. It is planned in the Gulf of Riga, 10 km away from the island of Kihnu.