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Mitsui takes 25% stake in Global Energy Group

Japanese conglomerate Mitsui has bought a stake in Global Energy Group, the owners of the Nigg, a key renewables hub under development on the Scottish coast.

For an undisclosed investment, Mitsui now holds a 25% stake in the Aberdeen-based company, and has two representatives on its board of directors.

Global Energy said the deal would allow it to expand into other markets, and would be instrumental in realising its development of Nigg, a former oil and gas fabrication facility on the Cromarty Firth. It acquired the site last October and plans to transform it into a renewables hub for the UK’s low carbon sector, with the help of a £1.8 billion fund from the Scottish government.

Roy MacGregor, chairman of Global Energy Group, said: “This is a hugely important step for the Global Energy Group, which we are confident will help us to continue to develop and elevate our business to new levels.”

MacGregor said the companies, who have worked together in the past, have “extremely good” chemistry and plan to target the UK’s offshore wind market.

“There are strong indications of substantial increases in activity in the energy industry over the coming years,” he said. “We firmly believe that in this partnership we can go a very long way towards meeting the demand for UK-based construction for offshore infrastructure and related services that is currently being met overseas.”

Noboru Katsu, European vice president for Mitsui, said the Japanese firm saw its role as an “industrial partner” to aid Global Energy’s growth in the UK and abroad.

“The highlight of this partnership is that it will create further business opportunities, but I also firmly believe Mitsui can learn from Global in many other ways including how local stakeholders in the community can benefit from such inward investments,” he said.

With offices in Aberdeen and Inverness, energy services company Global Energy Group has been well placed to operate in the North Sea oil and gas industry. However, with Scottish offshore wind in the offing, and the UK’s renewables industry looking for manufacturing and development facilities, the company is now overhauling the Nigg dry dock in northern Scotland.

The 238-acre site, renamed Nigg Energy Park, will be a multi-user facility serving a range of energy sectors, including oil gas and renewables.
 

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