The UK government has secured £7.5 billion of new investment into critical infrastructure and clean energy projects, following the signing of a new partnership with Sumitomo Corporation.
The new collaboration is aimed at accelerating the UK’s transition towards becoming a clean energy superpower. Under the agreement, Sumitomo Corporation plans to facilitate the multi-billion-pound investment by 2035, specifically targeting offshore wind and hydrogen projects across the UK.
While it’s not clear exactly what products will be funded, the new investment comes at a pivotal time for the Government, as it vowed to put the electricity network at the heart of the UK’s economic revival.
Baroness Poppy Gustafsson CBE, Minister for Investment, commented, “The UK is a top investment destination for Japanese businesses, so I’m delighted to be in Tokyo to sign this new collaboration with Sumitomo Corporation. This is yet another major vote of confidence in our economy and shows international backing for our modern Industrial Strategy, which shows our Plan for Change is working.
“We’re serious about clean energy as a key growth sector, and deals like this create high value jobs, encourage further investment into our world-leading industry and help boost economic growth right across the UK.”
Hajime Mori, Managing Executive Officer and Group CEO, Energy Transformation Business Group at Sumitomo Corporation, added, “We have made active investments in several business sectors in the UK, including decarbonisation and clean energy. Under the UK’s new industrial strategy, clean energy is designated as a priority sector. Through this agreement with the Office for Investment, we will continue to leverage our strengths to drive growth in the clean energy sector in the UK.”
Hiroyuki Koike, Managing Executive Officer, General Manager for Europe, Sumitomo Corporation, concluded, “We are inspired by the UK government’s active promotion and support of private investment which has helped to improve the business environment in many areas.
“We hope that this comprehensive MOU with the Office for Investment will further strengthen the relationship between the UK government and Sumitomo Corporation, and that we will contribute more to the development of the UK economy and society through our business.”
