Mitsui establishes joint venture for inspection and maintenance of offshore wind power facilities

Mitsui & Co., Ltd. ('Mitsui', Head Office: Tokyo, President and CEO: Kenichi Hori) and Hokutaku Co., Ltd. ('Hokutaku', Head office: Asahikawa City, Hokkaido, President and CEO: Yukari Yoshida), the largest wind turbine maintenance company in Japan, have jointly established Horizon Ocean Management, Ltd. ('HOM') for the purpose of providing inspection and maintenance services for offshore wind power generation facilities.

HOM will use the wind power facility maintenance expertise developed by Hokutaku and the Mitsui group, as well as Mitsui's customer base in Japan, to provide Japanese wind power generation companies with comprehensive inspection and maintenance services for wind power equipment ranging from turbines to foundation structures. HOM also aims to contribute to the establishment of a robust and competitive domestic supply chain for offshore wind power through wide-ranging business operations, including agency services for quality control and inspections relating to the procurement of wind power equipment.

Offshore wind power is a key industrial field under the Green Growth Strategy announced by the Ministry of Economy, Trade and Industry in December 2020. The strategy calls for the formation of 30-45 GW of capacity by 2040. By establishing a facility inspection and maintenance service, Mitsui aims to meet the demand for preventative maintenance, which is increasing in line with the growth in the number of wind power facilities, and to address the growing need for services to extend equipment life spans.

Mitsui's Iron & Steel Products segment will continue to offer solutions to industrial priorities, including the creation of a decarbonized society and circular economy, by developing business activities that anticipate the needs of our customers in the four areas of mobility, infrastructure, energy, and retail. We see the establishment of HOM as a step toward the realization of an eco-friendly society through contribution to the offshore wind power industry.

Outline of the joint venture