SSE Renewables has closed an agreement to form a new joint ownership company, SSE Pacifico, which will pursue the development of offshore wind projects in Japan.
The deal includes the acquisition by SSE Renewables of an 80% interest in an offshore wind development platform from Pacifico Energy.
The total consideration at closing is $208m of which $30m is deferred consideration subject to a number of conditions.
SSE Renewables has also confirmed that Mike Seaton, currently director of development, will take up the role of chief executive of SSE Pacifico.
Seaton will work alongside executive vice president and chief operating officer Dai Karasawa, who joins from Pacifico Energy.
By combining the significant local preparatory development work undertaken by Pacifico Energy team with SSE’s expertise in developing, constructing and operating offshore wind farms, and balance sheet strength, SSE-Pacifico will progress a 10GW portfolio of early stage development opportunities, the company said.
The most advanced projects are aiming to enter bid rounds before or in the mid-2020s, it added.