Sale of Offshore Wind Power Projects in Belgium- Advancing Portfolio Transformation Through Strategic Asset Rotation -

Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and CEO: Shingo Ueno) has decided to sell its equity stakes in three offshore wind power projects off the coast of Belgium: Northwind (joined in 2013), Nobelwind (joined in 2014), and Northwester 2 (joined in 2018 / hereinafter collectively referred to as the “Projects”), and is proceeding with the sales sequentially. The sales of Sumitomo Corporation’s stakes in Nobelwind and Northwester 2 to JERA Nex bp (Headquarters: London, *1), an existing shareholder, have been completed. Additionally, Sumitomo Corporation has decided to sell its stake in Northwind to a consortium (Publiwind, *2) comprising Belgian investment firms. Subject to approval from relevant authorities, the transaction is scheduled to be completed during fiscal year 2026.

Sumitomo Corporation has been involved in every stage of these Projects—from development and construction to operation—and has achieved stable operations and profitability over the long term, while contributing to the expansion and development of offshore wind power in Belgium.
Sumitomo Corporation announced in May 2024, in its Medium-Term Management Plan 2026, its commitment to accelerating the transformation of its business portfolio, aiming to further enhance corporate value by reallocating funds and management resources generated through asset divestitures to growth areas.
Furthermore, in May 2026, an offshore wind power project in France commenced commercial operation, further strengthening Sumitomo Corporation’s presence in the European offshore wind sector.
Sumitomo Corporation has consistently pursued strategic capital allocation tailored to each business phase, balancing the realization of value from mature assets with investment in new projects. Sumitomo Corporation will continue to combine these approaches to drive sustainable business growth.

In Europe, the adoption of renewable energy is accelerating against the backdrop of energy security and progress toward decarbonization. Offshore wind power, in particular, plays a vital role as a large-scale and stable source of electricity. Belgium is a promising market where institutional frameworks and policy support are advancing, and it remains a key focus area for Sumitomo Corporation.

Sumitomo Corporation will continue to leverage the expertise and networks it has cultivated to date to promote business development and investment in the renewable energy sector, particularly in Europe, thereby contributing to the realization of a sustainable society. Of the three transactions, the profit and loss for one have already been recognized in the fiscal year 2025 results, while those for the remaining two have already been incorporated into the initial forecast for fiscal year 2026.

* 1 Through JERA Nex bp and its Belgian entity, Parkwind NV, which develops and operates offshore wind power projects.
* 2 A consortium comprising Belgian investment firms and public investment institutions (the Belgian insurance company Ethias SA, the investment tool of Walloon local authorities for the energy transition, SOCOFE SA, and SFPIM, the Belgian sovereign wealth fund.)

Related Release:
Completion of Northwester 2 Offshore Wind Farm in Belgium
Completion and Commencement of Commercial Operation of the Noirmoutier Offshore Wind Farm Project in France