Completion and Commencement of Commercial Operation of the Noirmoutier Offshore Wind Farm Project in France- Commencement of large-scale power supply supporting Europe’s energy transition -

Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Shingo Ueno) in partnership with Ocean Winds (Head Office: Spain), a joint venture between ENGIE (Head Office: France, a leading French energy and gas utility) and EDP Renewables (Head office: Spain, a renewable energy developer and operator), alongside Allianz Global Investors (Head Office: Germany), Caisse des Dépôts et Consignations (Head Office: France) and Vendée Energie (Head Office: France), has completed construction and commenced commercial operation of the Noirmoutier Offshore Wind Farm Project in France (hereinafter the "Project"), construction of which commenced in April 2023.
The Project involves the construction and operation of a bottom-fixed offshore wind farm with an installed capacity of 500 MW (an estimated annual power generation equivalent to the electricity consumption of approximately 800,000 people), located approximately 12 km off the coast of the Bay of Biscay in western France. The Project is expected to operate for approximately 25 years, and the electricity generated will be supplied under a long-term fixed-price power purchase agreement with Électricité de France, a French state-owned electric utility company.
The Project is structured as a project finance transaction supported by a syndicated loan provided by Japan Bank for International Cooperation (JBIC), Norinchukin Bank, Mizuho Bank, Sumitomo Mitsui Banking Corporation, MUFG Bank, Ltd., Crédit Agricole Corporate and Investment Bank, Societe Generale, BNP Paribas, Standard Chartered Bank and other financial institutions.

The adoption of renewable energy in Europe is accelerating amid growing energy security concerns and decarbonization efforts. Offshore wind is increasingly recognized in national energy policies as a large-scale and reliable source of electricity.

Since entering the European offshore wind sector in 2014, Sumitomo Corporation has participated in projects across all phases – from development through construction to operation – leveraging its project management capabilities and technical expertise. In the case of this Project, Sumitomo Corporation joined in 2018 at the development stage and has since been working toward its completion by drawing on this accumulated experience. In addition, the company has helped establish a stable, long-term business foundation for the Project through its expertise in project finance structuring and collaboration with international partners.
Thanks to standard tariff indexation in France, the Project has been able to absorb changes in the business environment, such as rising construction material costs, and has progressed steadily.

Sumitomo Corporation continues to advance renewable energy projects across Europe aligned with national energy policies and regional characteristics, and contributes to a sustainable society by supplying large-scale power sources, including offshore wind.

Project Overview

Related Information :Financing secured and construction works commence for Eoliennes en Mer des Iles d’Yeu et de Noirmoutier Offshore Wind Farm Project in France