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February 22, 2024
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Masdar and Cosmo Energy to explore renewable initiatives in Japan

Emirati renewable energy company Masdar has signed a memorandum of understanding (MoU) with Japanese oil refining and marketing firm Cosmo Energy Holdings (CEH).

Under the terms of the MoU, the two companies will explore renewable energy development opportunities in Japan, particularly offshore wind projects.

Japan aims to install 10GW of offshore wind capacity in the country by 2030, increasing this to 45GW by 2040.

Masdar CEO Mohamed Jameel Al Ramahi said: “The United Arab Emirates (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 decarbonisation.”

In addition to offshore wind projects, Masdar and CEH may also work on hydrogen and ammonia-related projects, as well as carbon capture and storage (CCS) and carbon capture, utilisation and storage (CCUS) solutions.

CEH Group representative director and CEO Hiroshi Kiriyama 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 long-standing 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 utilised in future potential projects related to decarbonisation.”