- Macquarie’s Green Investment Group (GIG) and Iberdrola form a joint venture to co-develop a 3.3 GW portfolio of offshore wind projects in Japan
- The portfolio consists of six projects, three of which will utilise floating offshore wind foundations
- The transaction is the first to be delivered through the GIG platform in Japan and Iberdrola’s first Japanese offshore wind investment
Macquarie’s Green Investment Group (GIG) today announced a joint venture with Iberdrola, a leading global energy company, 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 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.
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 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.
