Macquarie’s Green Investment Group (GIG) has formed a joint venture with Iberdrola to co-develop a 3.3-GW portfolio of three bottom-fixed and three floating offshore wind projects in Japan
The offshore wind projects were initiated and have been developed to date through Macquarie’s renewable energy platform, Acacia Renewables.
Iberdrola will acquire Acacia Renewables and take forward the existing offshore wind development pipeline alongside GIG as a joint venture. GIG will hold an equal share in the six projects with Iberdrola and provide development and commercial advisory services to the portfolio.
Under Iberdrola’s ownership, Acacia will focus on the development of offshore wind projects, while its existing onshore wind development business will be taken forward by GIG.
Acacia Renewables currently has two offshore windfarms under development, with a combined capacity of up to 1.2 GW, which could be operational by 2028.
The company also has four other projects in its pipeline, with a total capacity of 2.1 GW.
The operation is in line with the company’s strategy, allowing Iberdrola to position itself in the early development stage of Japan’s offshore wind market, which has strong growth potential. The deal also gives Iberdrola access to a diversified project pipeline, located in different areas of the southwest of the country, in what it said is an optimal manner for the auctions announced by the Japanese Government.
The joint venture brings together GIG’s offshore wind expertise and commitment to the Japanese market with Iberdrola’s technical capabilities and operational excellence. The joint venture is GIG’s second joint venture with Iberdrola – the partners currently co-own the 714-MW East Anglia One offshore windfarm in the UK.
GIG global head Mark Dooley said, “GIG has been rapidly expanding its global footprint and I am delighted to be introducing the platform to the Japanese market. Our partnership with Iberdrola will have a profound impact on Japan’s offshore wind industry, and I am looking forward to continuing our successful relationship.”
Macquarie has a longstanding commitment to Japan’s renewable energy sector and has supported the country’s ambitions to reduce greenhouse gas emissions by 26% by 2030 since 2013, through the development of 3.7 GW of offshore wind and solar projects.
This is the first transaction to be delivered by Macquarie through its Green Investment Group platform in Japan.
GIG has supported 16 offshore wind projects globally, representing almost 5.5 GW of capacity in construction and operations, and is currently developing 8 GW of offshore wind capacity across Asia.