Sumitomo Corporation, headquartered in Tokyo, Japan imports, exports, and trades a diverse range of goods and commodities around the world. The metal products business manufactures steel sheets, tubular products and non-ferrous metal products, such as aluminum and titanium. The transportation and construction business designs, finances, trades and leases ships, aircraft, motor vehicles, construction equipment and transportation systems. The mineral resources, energy, chemical and electronics business invests in mineral resources, petrochemicals and electronics. Sumitomo Corporation has been a major investor in oil and natural gas projects, including multi-billion dollar liquefied natural gas projects.
Sumitomo Corporation’s environmental and infrastructure business invests in social infrastructure projects such as renewable energy, water supply and railroad projects. In 2014, the company began to increase their investments in renewable energy projects, such as wind farms and solar parks. Sumitomo Corporation has recently announced the purchase of a 29.5% interest in the construction of a 992 MW capacity offshore wind project in France.
The offshore wind project will be located at Yeu-Noirmoutier and Dieppe-Le Treport, off the western coast of France. The project will consist of two 496 MW capacity wind farms, which are forecast to commence operations in 2021. The cost for the two wind farms is estimated to be U.S. $2.28 billion.
Why is a multi-billion dollar conglomerate, like Sumitomo Corporation increasing their investment in renewable energy? Sumitomo Corporation, like other well run companies know that the world is moving from fossil fuels to renewable energy. If we could only get our state and federal governments to have the vision and insight of the private sector. www.jackkerfoot.com