Sumitomo has agreed to divest its equity stakes in three offshore wind power projects off the Belgian coast as part of a wider strategy to reallocate resources.
The Japanese company will sell its interests in Nobelwind and Northwester 2 to JERA Nex BP, an existing shareholder. This will raise JERA Nex BP’s ownership of Northwester 2 to 100% and take its stake in Nobelwind to 80.1%.
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The transfer includes Sumitomo’s 30% share in Northwester 2 and its 39.02% holding in Nobelwind.
In a separate deal, Sumitomo has agreed to sell its stake in the Northwind project to Publiwind, a consortium made up of Belgian investment firms and public institutions. This transaction is subject to regulatory approval and is expected to close during the 2026 fiscal year.
Northwester 2 began operations in 2020 and has an installed capacity of 219MW.
Nobelwind, which started operating in 2017 as the second phase of the Belwind offshore wind development, has an installed capacity of 165MW.
JERA Nex BP, based in London, developed, constructed and operates both Nobelwind and Northwester 2 from its operations hub in Ostend, Belgium.
The transaction is in line with JERA Nex BP’s approach of concentrating on competitive offshore wind assets in selected markets where it aims to operate as a long-term owner.
JERA Nex BP chief investment officer Zlati Christov said: “As we build JERA Nex BP, our focus is on disciplined investment and growth. This transaction strengthens our position in an attractive portfolio of assets that we operate and know very well.
“Belgium has been central to our offshore wind journey for more than a decade, and we remain committed to safely and reliably delivering renewable energy through these projects for years to come.”
Sumitomo said it had been involved in all phases of the three projects, from development to operation, and reported stable operations and profitability throughout its involvement.
The company has cited these divestitures as part of its Medium-Term Management Plan 2026.
Profit and loss for one of the three transactions has already been recognised in fiscal year 2025, with the remaining two factoring in the forecasts for fiscal 2026.
