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Masdar, one of the world’s leading renewable energy companies, announced that it has signed an agreement with Cosmo Energy Holdings Co., one of Japan’s largest energy companies, to explore the development of renewable energy initiatives, including offshore wind projects, in Japan.
The Memorandum of Understanding (MoU) was signed by Hiroshi Kiriyama, Representative Director and Group Chief Executive Officer of Cosmo Energy Holdings Co, and Mohamed Jameel Al Ramahi, CEO of Masdar, in a virtual ceremony during Abu Dhabi Sustainability Week (ADSW) 2022, taking place in the UAE capital.
Hiroshi Kiriyama, Representative Director, Group CEO of Cosmo Energy Holdings Co., said, “Japan’s decarbonization is accelerating and all companies have been asked how to develop required technologies in the future decarbonized society. The collaboration with our longstanding partner Masdar, one of the leading companies in this field, provides wonderful opportunities to advance this initiative. I hope that the knowledge and know-how of both companies will be utilized in future potential projects related to decarbonization.”
Mohamed Jameel Al Ramahi, CEO of Masdar, said, “The UAE and Japan share common objectives on carbon reduction and climate action and we expect this MoU to help in accelerating Japan’s energy transition and support sustainable economic growth. This initiative also represents an opportunity for Masdar to expand its presence in Asia, a market that is of key strategic importance for us. We look forward to leveraging our extensive experience in offshore wind, to contribute to Japan’s offshore wind targets, and to work with a long-standing partner like Cosmo Energy on other initiatives that could support decarbonization.”
The MoU envisages Masdar and Cosmo Energy working together to develop offshore wind projects, which could support Japan’s targets of installing as much as 10 gigawatts (GW) of offshore wind power by 2030 and as much as 45 GW by 2040.
The companies could also potentially work together in hydrogen and ammonia-related projects, alongside carbon capture and storage (CCS), carbon capture, utilization and storage (CCUS) solutions, battery storage technology, and energy trading activities. Japan, the world’s fifth-biggest emitter of carbon dioxide, is targeting net-zero emissions by 2050 and is increasing research and development in green technologies to achieve its objective.
Masdar is a major developer and investor in onshore and offshore wind farms, with its offshore projects including the London Array, one of the largest offshore wind farms in the world, and the Dudgeon Offshore Wind Farm, also in the United Kingdom. Masdar is also a partner in the world’s first floating offshore wind farm, Hywind Scotland, which became operational in October 2017.
In December, it was announced that Abu Dhabi National Energy Company PJSC (TAQA), Mubadala Investment Company (Mubadala), and Abu Dhabi National Oil Company (ADNOC) will partner under the Masdar brand, creating a global clean energy powerhouse. The expanded entity will increase investment in renewable technologies, including offshore wind, and have a target of 50GW by 2030
Established in 1986, Cosmo Energy has extensive experience in the energy sector, including in renewables. The company is looking to expand its renewable energy business by collaborating with reliable partners, such as Masdar, which has the expertise and capabilities necessary to strengthen its renewable energy operations.