Masdar, Cosmo Energy sign MoU for RE dev’t exploration in Japan
The agreement includes exploration of offshore wind projects.
Masdar and Japan’s Cosmo Energy Holdings Co. signed a Memorandum of Understanding (MoU) for the exploration of development of renewable energy initiatives in Japan.
Under the MoU, Masdar said in a statement the two companies were expected to work together for the development of offshore wind projects which will support Japan’s targets of installing up to 10 gigawatts (GW) of offshore wind power by 2030 and 45GW by 2040.
The companies could also work on hydrogen and ammonia-related projects, along with carbon capture and storage, carbon capture, utilisation and storage solutions, battery storage technology and energy trading activities, Masdar said.
“Japan’s decarbonisation is accelerating and all companies have been asked how to develop required technologies in the future decarbonised society. The collaboration with our longstanding partner Masdar, one of the leading companies in this field, provides wonderful opportunities to advance this initiative,” Hiroshi Kiriyama, representative director, group CEO of Cosmo Energy Holdings Co., said.
Masdar CEO Mohamed Jameel Al Ramahi said the MoU also represents an opportunity for the company to expand its presence in the Asian market.
Japan targets net-zero emissions by 2050.