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Mitsui O.S.K. Lines has agreed to acquire a majority stake in Hokutaku, Japan’s largest wind turbine maintenance company, as part of its expansion strategy into offshore wind energy and other non-shipping businesses. The acquisition marks an expansion of the relationship between the two companies to include wind investment funds and is part of MOL’s expansion into offshore wind power.
Hokutaku is Japan’s largest third-party maintenance company that is not affiliated with any specific manufacturer or power company. We have been serving the onshore wind energy sector since 1999 and have built an extensive customer base. Mitsui O.S.K. Lines reports that it currently powers about 80% of the approximately 2,600 wind turbines in Japan.
Mitsui O.S.K. Lines points out that although Hokutaku has a sufficient track record and track record in O&M technology, it is moving away from private ownership as the industry and project scale rapidly grow. He emphasizes that proper maintenance over the long term is essential to supporting the stable operation of wind power plants. Hokutaku is also focusing on training maintenance engineers, and uses its own wind power generation plant for training and experimental research.
Mitsui O.S.K. Lines began discussions with Hokutaku in 2017 and set up a joint investment company in 2022 to focus on offshore wind opportunities. They said they plan to invest nearly $70 million in offshore wind projects. The company made its first investment in 2023 by acquiring a 10% stake in Hibiki Wind Energy. The company is working on the construction of the Hibikinada Offshore Wind Farm in Kitakyushu, which will have an output of 238 MW and will be one of the largest offshore wind power projects in Japan. It is scheduled to begin commercial operation by the end of 2025. The two companies are also jointly developing an onshore wind power project in Shimane Prefecture in southern Honshu.
The Mitsui O.S.K. Lines Group aims to further grow its non-shipping businesses and is promoting initiatives in offshore wind power generation and wind power generation businesses as part of its management plan. In addition to investing in Hokutaku, the company also has investments in companies that develop wind power generation technology such as floating wind turbines. MOL also has Taiwan’s first SOV for the wind sector operating under charter with Ørsted, and recently agreed to build a second SOV for operation in Taiwan.
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