Japan’s Marubeni Corp has pledged to invest US$12.3 billion with partners over the next decade in clean energy in the United Kingdom, according to a memorandum of understanding (MOU) signed on Wednesday (Oct 11).

Marubeni and the UK government signed the MOU, which includes Scotland’s floating offshore wind power business, in Tokyo.

“Japan and the UK are both important markets as demand for offshore wind power, clean energy, and hydrogen are expected to grow,” Hiroshi Tachigami, general manager of Marubeni’s offshore wind and domestic renewable energy department, told reporters.

Marubeni, which plans to invest around £1 billion (S$1.67 billion) on its own, expects various support from the UK government, including helping the offshore wind power project to ensure stable revenue from selling power.

Among the planned investments, the 3.6 gigawatt Ossian floating offshore wind farm in Scotland will be the biggest project, according to Marubeni. REUTERS