FURUKAWA ELECTRIC CO., LTD. - Contributing to the sustainable growth of offshore wind projects by creating a path towards safe and stable energy supply -
June 4, 2024
Tokyo Century Corporation
SEKIKAIJI Industry CO., LTD.
Furukawa Electric Co., Ltd.
We hereby announce that Tokyo Century Corporation (Head Office: Chiyoda-ku, Tokyo; President: Koichi Baba; hereinafter "Tokyo Century"), SEKIKAIJI Industry CO., LTD. (Head Office: Awaji, Hyogo Prefecture; President: Masaru Seki; hereinafter "SEKIKAIJI") and Furukawa Electric Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President: Hideya Moridaira; hereinafter "Furukawa Electric") reached a Memorandum of Understanding(MoU) on business developing stand-by services for providing offshore wind farm operators in Japan with spare submarine cables and cable repair barges. Details are as follows:
The Japanese government announced that it set targets for offshore wind power generation of 10 million kW by 2030, and max. 45 million kW by 2040. With a background of rapid market formation, supply chains for offshore wind projects in Japan are still at the development stage.
Electricity generated by offshore wind farms is transmitted to onshore via submarine cables. According to research data in Europe, submarine cables accounts for approx. 10-20% of CAPEX（Capital Expenditures）, but a large percentage of insurance claims is related to submarine cables accidents. Therefore, Tokyo Century, SEKIKAIJI, and Furukawa Electric decided to focus on the submarine cable segment, which is a significant factor of business interruption risk.
Leveraging knowledge to collaboration accumulated from own research by each three companies, we will have readily available spare submarine cables and cable repair barges in preparation for any accident that damages submarine cables during construction or after the commencement of commercial operation, and provide safe and secure solutions for the early recovery against some kind of accident. This will allow the operators to secure spares and barge with economic prices compared to the case where they store spares by themselves, reduce business interruption loss as a result of early recovery, enable stable management of OPEX(Operating Expenditures) over the duration of commercial operation, and increase the efficiency of such administrative tasks for maintenance and storage of spares.
Going forward, Tokyo Century, SEKIKAIJI, and Furukawa Electric will provide the operators with a secure operating environment through the business development of such services, and also contribute to realizing a recycling-oriented society through the efficient use of resources as well as realizing safe and stable supply of renewable energy in Japan.
| Company Name | Tokyo Century Corporation |
| Address of Head Office | 3 Kanda-neribeicho, Chiyoda-ku, Tokyo |
| Representative | President & CEO, Representative Director Koichi Baba |
| Business Description | Businesses in Equipment Leasing, Automobility, Specialty Financing, International Business, and Environmental Infrastructure |
| Company Name | SEKIKAIJI Industry CO., LTD. |
| Address of Head Office | 1080 Iwaya, Awaji, Hyogo Prefecture |
| Representative | Masaru Seki, President |
| Business Description |
Laying/burying of submarine cables and submarine water pipes Maritime transport and inland shipping services Civil engineering General underwater works |
| Company Name | Furukawa Electric Co., Ltd. |
| Address of Head Office | Tokiwabashi Tower, 2-6-4, Otemachi, Chiyodaku, Tokyo 100-8322, Japan |
| Representative | President Hideya Moridaira |
| Business Description | Offering a wide range of products in the fields of communications solutions, energy infrastructure, automotive products & batteries, electronics component materials and functional products, taking advantage of the 4 technologies of "metals", "polymers", "photonics" and "high frequency" |
Based on the "Sustainable Development Goals (SDGs)" adopted by the United Nations, Furukawa Electric Group has formulated the "Furukawa Electric Group Vision 2030" which sets the year 2030 as its target and is advancing efforts with the aim to "Build a sustainable world and make people's life safe, peaceful and rewarding, Furukawa Electric Group will create solutions for the new generation of global infrastructure combining information, energy and mobility." Toward the achievement of our Vision 2030, we will take open, agile, and innovative approaches to promote ESG management that aims to increase corporate value over the medium to long term and will contribute to the achievement of the SDGs.
Furukawa Electric Group's efforts towards the SDGs
- 2024
- Energy Infrastructure
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Furukawa Electric Co. Ltd. published this content on 04 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 June 2024 10:02:17 UTC.
