Iberdrola has reached an agreement with Macquarie’s Green Investment Group to acquire 100% of the Tokyo-based developer Acacia Renewables.
This forms part of the companies goal to target the Japanese market as a new platform for growth in renewable energy, specifically in the field of offshore wind.
Acacia Renewables currently has two offshore wind farms under development, with a combined capacity of up to 1.2GW, which could be operational by 2028. It also has four other projects in its pipeline, with a total capacity of 2.1GW. Iberdrola will hold an equal share in the six projects alongside GIG, and the partners will develop the portfolio together.
Acacia has a team experienced in the management of renewable projects and in-depth knowledge of the market, as well as offices in the country; critical conditions for leading the future development of new projects in Japan on its own.
Iberdrola and GIG are committed to continuing efforts to build strong partnerships in Japan, bringing further Japanese companies into the projects.
The acquisition of the local renewable developer opens up the opportunity for Iberdrola to enter the Japanese offshore wind market which is in its early stages and has strong growth potential over the coming decades, with a favourable investment environment.
Installed offshore wind capacity in Japan is currently around 70MW, but the country has deployed a strategy to decarbonise its energy mix and promote energy independence.
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 15GW pipeline.
With this acquisition of Acacia, Iberdrola has made its sixth corporate move of the year, despite the challenges posed by COVID-19. In addition to transactions in offshore wind power in France and Sweden, the company has also acquired the French renewable energy company Aalto Power, made agreements to develop 165MW of onshore wind power in Scotland and, more recently, has taken ownership of Infigen, establishing a major presence in the Australian renewable energy market.