Actis has launched Nozomi Energy, a $500m Japan-focused renewables platform.
Nozomi will target 1.1GW of onshore wind and solar power generation by 2027.
The investment is made from Actis’ fifth and latest energy infrastructure fund, which represents $6bn of investable capital.
Actis has signed its first investment and seed asset for Nozomi, acquiring 100% of Hergo Japan Energy Corporation from Infrastrutture, an international renewable energy developer and IPP led by Pier Francesco Rimbotti, subject to customary closing conditions.
Hergo Japan Energy has a portfolio of operating and development stage solar and onshore wind projects totalling around 230MW, plus a significant pipeline of early-stage projects.
Hergo Japan Energy’s CEO, Minoru Saito, will remain with the new platform, as Vice-Chairman and Head of Wind at Nozomi.
Actis has recruited a dedicated management team to run Nozomi and deliver its buy and build strategy.
The team will be led by Jose Antonio Millan Ruano, an experienced energy professional with around 20 years of renewables experience (including over 11 years in Japan), most recently as President and CEO of Hinode Energy, and prior to that at Univergy Solar.
In March 2022, Actis announced it had extended its footprint in Asia with a new office in Japan and key senior hires, Jun Ohashi and Tareq Sirhan.
Ohashi, Head of Actis Japan, said: “Japan has challenging but critical emission reduction targets and Nozomi will play an important role in enabling the country to achieve them.
“Through this well-funded new platform, we want to create another industry leader in renewable power.
“It should have a positive impact both in terms of decarbonisation and by creating local jobs and supporting communities, while still making superior returns for our global investors.”