- Macquarie takes forward the first transaction in Japan through its Green Investment Group (GIG) platform
- Macquarie’s Green Investment Group will form a joint venture with Iberdrola to co-develop a 3.3 GW portfolio of offshore wind projects
- The portfolio consists of six projects, three of which will utilise floating offshore wind foundations
Macquarie Group Ltd today launches its Green Investment Group (GIG) platform in Japan and announces a new joint venture with leading global energy company, Iberdrola. Through the joint venture, the partners will co-develop a 3.3 GW portfolio of six fixed bottom and floating offshore wind projects in Japan.
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.
Macquarie’s Green Investment Group is a leading global investor and developer of green infrastructure assets with a mission to accelerate the green transition. 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 c. 8 GW of offshore wind capacity across Asia.
The offshore wind projects within the portfolio 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 as a joint venture. GIG will hold an equal share in the six projects alongside Iberdrola, providing development and commercial advisory services to the portfolio.
Under Iberdrola’s ownership, Acacia will focus on the development of offshore wind projects, and its existing onshore wind development business will be taken forward by GIG.
The joint venture brings together GIG’s significant offshore wind expertise and long-term commitment to the Japanese market with Iberdrola’s technical capabilities and operational excellence. This is GIG’s second joint venture with Iberdrola. The partners currently co-own the 714 MW East Anglia ONE offshore wind farm, based off the UK’s Suffolk coast.
“Macquarie’s Green Investment Group has been rapidly expanding its global footprint, and I’m delighted to now be introducing the platform to the Japanese market. By operating under the GIG brand, we’re firmly cementing our commitment to accelerating Japan’s energy transition. Jun Ohashi, and his existing team of green energy specialists, will continue to take forward our activities in Japan, bringing deep expertise to both the Japanese market and this joint venture. Our partnership with Iberdrola is set to have a profound impact on Japan’s offshore wind market, and I’m looking forward to continuing our successful relationship.”
Global Head, Green Investment Group
“Over the past seven years we’ve worked closely with local stakeholders and highly respected Japanese companies to deliver stable, safe, reliable low carbon energy to communities across Japan. Our partnership with Iberdrola enables us to take that work to the next level, and I’m in no doubt it will have a catalysing effect on the growth of Japan’s offshore wind industry.”
Managing Director, Green Investment Group, Japan
Author: Green Investment Group Staff