Iberdrola and GIG forge Japanese offshore wind ties

In: Windfarms
Macquarie’s Green Investment Group (GIG) and Iberdrola have announced plans to co-develop a 3.3 GW portfolio of six fixed bottom and 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 100% of 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.

Iberdrola stated the acquisition allows the company to position itself in the early development stage of Japan's offshore wind market. The deal gives Iberdrola access to a project pipeline located in different areas of the country south-west, in an optimal manner for the auctions announced by the Japanese government.

The acquisition of Acacia adds new projects to its portfolio, and joins other transactions carried out by the company in recent years in the offshore wind sector. Operations that have allowed the development of wind farms in the Baltic Sea (
Wikinger, Baltic Eagle), the North Sea (East Anglia ONE), the Irish Sea (West of Duddon Sands), the Massachusetts coast (Vineyard Wind), the French coast (Saint Brieuc) and, more recently, access to 9 GW capacity in Sweden.

In the offshore wind sector, Iberdrola already operates wind farms in the UK and Germany, and the company is working on new developments in the UK, US, German and French markets and has a 15 GW pipeline.

GIG is a global investor and developer of green infrastructure assets. To date, GIG has supported 16 offshore wind projects globally, representing almost 5.5 GW of capacity in construction and operations, and is currently developing around 8 GW of offshore wind capacity across Asia.  

This is the second joint venture between the two companies. The partners currently co-own the 714 MW
East Anglia ONE offshore wind farm, based off the UK’s Suffolk coast.

For more information on offshore wind farms worldwide, click here.

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