Green Investment Group and Iberdrola to Co-develop 3.3 GW offshore wind portfolio in Japan

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Macquarie’s Green Investment Group (GIG) announced a joint venture with Iberdrola, a leading global energy company, 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 leading 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.

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