Asset manager ICG’s Asia-Pacific Infrastructure team has partnered with Obton to support the company’s renewable energy business in Japan.
ICG will work closely with Obton Japan’s management team to capitalise on market opportunities in the region.
Obton, which is headquartered in Denmark, entered the Japanese market in 2021 as Obton Japan.
The company is seeking to acquire brownfield and greenfield solar assets with strong potential for asset optimisation.
Obton Japan currently owns and operates a Japanese portfolio of more than 500MW and is targeting over 1000MW of installed solar capacity within the next five years.
Renewables are projected to represent 50% of Japan’s electricity mix by the fiscal year 2040, more than double the 2023 renewables of 22.9%.
The transaction constitutes the ICG APAC team’s third renewables platform partnership in the region since 2023, following prior investments in Revent Energy and Ampin Energy Transition.
Head of ICG Asia-Pacific Infrastructure Devarshi Das said: “We are thrilled to be partnering with Obton to support Obton Japan in its efforts to become a leader in the Japanese solar market.
“With a highly experienced management team and strong tailwinds thanks to private sector demand for clean energy, Obton Japan is well positioned to secure attractive growth opportunities.
“The company has witnessed impressive growth to date, and we look forward to working collaboratively to execute on plans for further growth.”
Obton chief executive Sandra Grauers Nilsson said: “The partnership with ICG presents an exciting opportunity for Obton to expand its market presence in Japan’s rapidly growing solar industry.
“With Japan’s significant demand for renewable electricity, there’s substantial potential for our investments in solar projects.
“Together, we have set ambitious targets and look forward to achieving them in collaboration with ICG.
“With shared values and a common vision for the Japanese market, we believe ICG is the ideal partner for this next phase of growth.”