Japan-based multifaceted business company Sumitomo along with Sumitomo Europe has agreed to acquire shares in two offshore wind farm projects, from Belgian wind firm Parkwind.

As per the agreed terms, Sumitomo will acquire 39% stake in the operational 165MW Belwind 1 project and a 33.3% stake in the 216MW Northwind project that is under-construction. These projects are located off the coast of Belgium.

Sumitomo noted that the project costs for Belwind 1 and Northwind projects are around €650m and €900m respectively.

The clean electricity generated at both the projects, which are enough to power around 370,000 households, will be purchased by Electrabel, under long term agreements.

In addition, Sumitomo has entered into a project development agreement with Parkwind for the development of 165MW Belwind 2 project, adjacent to the Belwind 1 wind farm.

Parkwind’s shareholders include, Colruyt; Korys, the investment holding of the Colruyt family; and PMV.