MOL Invests in Offshore Wind Power Project in Taiwan to Expand Renewable Energy Portfolio

Mitsui O.S.K. Lines' Investment in Taiwan's Offshore Wind Power

Mitsui O.S.K. Lines, led by President Tsuyoshi Hashimoto, is making significant strides in the renewable energy sector by participating in an offshore wind power project located off the coast of Taiwan. The Tokyo-based company has announced its agreement to acquire a 10% stake in CI Fengmiao Ltd, a subsidiary of the Danish renewable energy fund Copenhagen Infrastructure Partners (CIP). This strategic investment aims to deepen its expertise in the construction and operation of offshore wind projects.

The project's key asset, the Feng Miao Wind Power facility, is poised to generate a considerable output of 495 MW, which is sufficient to power approximately 650,000 households in Taiwan. The total investment by Mitsui O.S.K. Lines is projected to be around 25 billion yen.

The signing ceremony for this landmark investment included notable figures such as Gordon White and Thomas Wibe Poulsen from CIP, alongside MOL's executive officers Masayuki Sugiyama and Takehisa Moriguchi, who oversee the company's wind power unit. Construction for the offshore wind turbines is scheduled to commence with a final investment decision in March 2025, aiming for completion by the end of 2027.

The energy produced from this project will be supplied to several private sector partners under fixed Power Purchase Agreements (PPAs), including major corporations like Google and United Microelectronics Corporation (UMC), a leading semiconductor foundry in Taiwan. This marks a significant move for Mitsui O.S.K. Lines, following their prior investment in the Formosa 1 offshore wind power project.

To ensure effective management and operational insight, Mitsui O.S.K. Lines intends to send personnel to the construction site from the project's onset. This will enable the company to further develop its understanding of offshore wind operations, enhancing its contributions through the provision of service vessels for construction and maintenance.

Mitsui O.S.K. Lines is committed to expanding its renewable energy business, actively contributing to the establishment of a decarbonized society. This investment aligns with the company's strategic plan, "BLUE ACTION 2035," which highlights offshore wind power as a key component of its portfolio strategy. The company has also engaged in a range of activities related to offshore wind, including investing in Odfjell Oceanwind AS, a firm specializing in floating offshore wind projects, and pursuing service operation vessels (SOV) for offshore operations.

About Copenhagen Infrastructure Partners

Founded in 2012, Copenhagen Infrastructure Partners is one of the world's largest fund managers focused on investments in greenfield renewable energy projects. Its operations are characterized by a commitment to sustainable energy sources, making it a key player in the transition towards renewable energy.

This collaboration with CIP is yet another step forward in promoting sustainable energy practices in Taiwan and addressing global energy demands through innovative solutions in offshore wind power.

By participating in this offshore wind initiative, Mitsui O.S.K. Lines is not just investing in energy but is also supporting a broader vision for a greener and more sustainable future, ensuring that it remains at the forefront of the global push towards renewable energy.