Mistui invests in UK renewables

The Mitsui Group, one of Japanese largest conglomerates or “keiretsu,” expands into the United Kingdom’s renewable energy industry.

Mitsui has bought a 25% stake for an undisclosed amount in Global Energy Group, a Scottish company involved in energy industry services and one of the largest fabricators in the UK.

Global Energy said the deal would allow it to expand into other markets, and would be instrumental in realising its development of Nigg, a former oil and gas fabrication facility it plans to transform into a renewables hub for the UK’s low carbon sector. The project is also receiving £1.8 billion in financing from the Scottish government.

The 238 acre site, renamed Nigg Energy Park, will be a multi-user facility serving oil, gas, renewables and other energy sectors.

Roy MacGregor, chairman of Global Energy Group, said his company and Mitsui have worked together in the past. He described their chemistry as extremely good” chemistry with both planning to target the UK’s offshore wind market.

“We firmly believe that in this partnership we can go a very long way towards meeting the demand for UK-based construction for offshore infrastructure and related services that is currently being met overseas.”