GIG and Iberdrola to develop 3.3 GW offshore wind portfolio in Japan

Macquarie’s Green Investment Group (GIG) has announced a joint venture with Iberdrola 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 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 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.

Mark Dooley, Global Head of GIG, stated:

"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."

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

"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."