Macquarie’s Green Investment Group (GIG) and global energy and electricity provider Iberdrola announced today the formation of a joint venture, aiming to co-develop a 3.3 GW portfolio of six fixed bottom and floating offshore wind projects in Japan.

Iberdrola will acquire Macquarie’s renewable energy platform, Acacia Renewables, which initiated the offshore wind projects. Acacia has two wind farms (1.2 GW) under development and four in the pipeline. According to the terms of the new venture, the companies will hold equal stakes in the six projects, Iberdrola will take forward the existing offshore wind development pipeline alongside GIG, and GIG will provide development and commercial advisory services to the portfolio.

Jun Ohashi, Managing Director at GIG in Japan, said:

“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.”

Today’s announcement marks 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.

GIG has established itself as a leading investor and developer of green infrastructure assets, supporting 16 offshore wind projects globally, representing almost 5.5 GW of capacity in construction and operations, and is currently developing roughly 8 GW of offshore wind capacity across Asia. The company has been actively growing its renewable energy portfolio, including the recent announcement of a co-development partnership with Total on a portfolio of offshore wind projects in Korea totalling 2.3 GW of capacity.

Mark Dooley, Global Head of GIG, said:

“Macquarie’s Green Investment Group has been rapidly expanding its global footprint, and I’m delighted to 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 industry, and I’m looking forward to continuing our successful relationship.”

Iberdrola operates 32.7 GW of renewables in the world and has a pipeline of over 58 GW of renewable projects. The company has expanded its renewable portfolio this year as well, through transactions in offshore wind power in France and Sweden, the acquisition of French renewable energy company Aalto Power, agreements to develop 165 MW of onshore wind power in Scotland and, more recently, it has taken ownership of Infigen, establishing a major presence in the Australian renewable energy market.