Mitsui O.S.K. Lines, Ltd. and Hokutaku Co., Ltd., Japan's largest wind turbine maintenance company, announced an agreement to form a capital alliance through MOL’s acquisition of a majority of the outstanding shares of Hokutaku on January 9, 2024.

Hokutaku is the largest third-party maintenance company in Japan that is not affiliated with a specific manufacturer or power producer and has had an extensive customer base in the wind power generation industry since entering the field in 1999. It serves about 80% of the approximately 2,600 wind turbines in Japan. Appropriate long-term maintenance is essential to support the stable operation of wind power generation plants, so Hokutaku is also focusing on the development of maintenance technical engineers, the source of its competitiveness, using its own wind power generation plants for training and experimental studies.

MOL began discussions with Hokutaku in 2017, and comprehensive advice from the wind power industry pioneer has helped accelerate its entry into the wind power industry. While Hokutaku has a sufficient track record and operation and maintenance (O&M) technology performance, it is moving away from individual ownership amid the industry's rapid growth in size and project scale. The MOL Group has been pursuing offshore wind power generation as part of its “BLUE ACTION 2035” management plan to achieve further growth in its non-shipping business, which it has long advocated, and has now entered the capital alliance.

MOL and Hokutaku have been pursuing the following joint projects in the wind power generation value chain, and will take this cooperative relationship to the next stage.

• Hokutaku and MOL established an investment limited partnership for offshore wind power business

• As the first project, the Hokutaku MOL Wind Energy Investment Limited Partnership executed an investment in Hokutaku Corporation, a special-purpose company that holds a 10% stake in Hibiki Wind Energy Co., Ltd.

• Implemented an offshore wind power human resource development program by installing a training facility specialized in the practical operation and maintenance of offshore wind turbines

• Development of onshore wind power projects in Shimane Prefecture

MOL aims to contribute to the expansion of the offshore wind industry, by creating new value, which combines Hokutaku’s extensive experience, know-how, and network in wind power generation maintenance with the MOL Group’s operational experience in social infrastructure business, including ocean transport, to become the partner of choice for industry partners throughout the offshore wind value chain.