AsiaOffshoreRenewables

MOL and Toyo team up to form offshore wind joint venture

Japanese shipping giant Mitsui OSK Lines (MOL) has formed an offshore wind joint venture with compatriot marine contractor Toyo Construction.

The 50/50 JV is expected to create “a powerful yet agile business” targeting a wide range of offshore wind services, including survey planning, procurement of work vessels, and offshore construction.

Since the establishment of a dedicated offshore wind business in 2021, MOL has been growing its marine renewables footprint. The new venture follows a study by the two companies launched in February last year to evaluate potential collaboration on commercialising vessels for offshore wind power projects in Japan and overseas. MOL is also working with wind turbine maintenance specialist Hokutaku and compatriot cabling specialist Kokusai Cable Ship. The shipowner last year set up an offshore wind investment vehicle with Toho Gas, and Hokuriku Electric Power to acquire a 25% stake in Formosa I International Investment, which indirectly operates the 128 MW Formosa 1 offshore wind farm in Taiwan

“By combining MOL’s decades of experience in ship construction, ownership, and operation with Toyo Construction’s extensive knowledge and human resources in offshore construction, as well as its technological development capabilities in offshore wind power generation, the JV will meet the demand for work vessels in the offshore wind power generation business, and make significant contributions to the value chain as an engineering and solutions company,” MOL said in a release.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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