Iberdrola has made a second investment in the Japanese offshore wind market, this time a new 600MW project.
Under the deal, the Spanish investor will work with local developer Cosmo Eco Power and engineering firm Hitz to jointly develop the Seihoku-oki project in Aomori prefecture, in the northwest of the country.
The Seihoku-oki offshore wind farm is expected to enter round 2 of the capacity auction planned by the Japanese government between this year and 2022.
Following the transaction – subject to the usual regulatory approvals – the project will be led by Iberdrola and Cosmo Eco Power, with similar voting rights, together with Hitz.
The deal takes place six months after the acquisition of 100% of Japanese developer Acacia Renewables – which has a 3300MW offshore wind pipeline in the south of the country.
It is the company’s sixth offshore wind agreement since early 2020.
Acacia Renewables has two offshore wind farms under development, with a combined capacity of 1200MW, which could be operational by 2028.
It also has four other projects in the pipeline, with a total capacity of 2100MW.
These six projects will be developed by Iberdrola together with Macquarie’s Green Investment Group (GIG).