JGC Japan Corporation and Sumitomo Corporation have agreed to explore a potential collaboration in the floating offshore wind (FOW) power generation sector.
The exploration will focus on establishing a supply chain for floating foundation design, developing manufacturing partners, managing orders, and transporting components to base ports for offshore wind power generation. The goal is to meet the increasing demand for FOW power generation, projected to grow significantly by 2050.
According to Det Norske Veritas (DNV), global FOW power generation capacity is expected to surge from 0.2 GW in 2022 to 269 GW by 2050. However, the supply of floater components is not keeping pace with the demand for offshore turbines, hindering market expansion.
The JGC Group has established a dedicated department for offshore wind power generation, identifying it as a critical area for its “Energy Transition” and “Future Growth Engines” strategies. Sumitomo Corporation, a significant player in offshore wind power investments, has stakes in heavy lift vessels and equipment transport vessels and is part of a consortium for a power generation project off Enoshima Island.