Masdar, Cosmo sign MoU for green energy projects in Japan

Abu Dhabi’s renewable energy company Masdar and Japanese firm Cosmo Energy Holdings Co Ltd (TYO:5021) have signed a memorandum of understanding (MoU) to partner in offshore wind, hydrogen and other green energy projects in Japan.

The MoU was signed last week in a virtual ceremony during Abu Dhabi Sustainability Week (ADSW) 2022.

The companies said they would consider joint projects in offshore wind, hydrogen and ammonia, carbon capture, battery storage and energy trading.

"Japan’s decarbonization is accelerating and all companies have been asked how to develop required technologies in the future decarbonized society. The collaboration with our longstanding partner Masdar, one of the leading companies in this field, provides wonderful opportunities to advance this initiative," said Hiroshi Kiriyama, Representative Director, Group CEO of Cosmo.

For Masdar, this is a great opportunity to expand its activities in Asia, which CEO Mohamed Jameel Al Ramahi said was a market of key strategic importance for the company.

Japan has set a net-zero emissions goal for 2050. It wants to install 10 GW of offshore wind by 2030 and 45 GW by 2040.

Near the end of 2021, Abu Dhabi National Energy Company PJSC (TAQA) and Abu Dhabi National Oil Company (ADNOC) joined Mubadala Investment Company (Mubadala) as shareholders in Masdar. Calling itself a "global clean energy powerhouse", the company aims to build 50 GW of green energy projects by 2030.

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