Iberdrola is targeting the Japanese market as a new platform for growth in renewable energy, specifically in the field of offshore wind. The company has reached an agreement with Macquarie’s Green Investment Group to acquire 100% of the local developer Acacia Renewables.
Acacia Renewables currently has two offshore wind farms under development, with a combined capacity of up to 1.2 GW, which could be operational by 2028.
It also has four other projects in its pipeline, with a total capacity of 2.1 GW. Iberdrola will hold an equal share in the six projects alongside GIG, and the partners will develop the portfolio.
The operation is in line with the company’s strategy, allowing Iberdrola to position itself in the early development stage of Japan’s offshore wind market, which has strong growth potential. The deal gives Iberdrola access to a diversified project pipeline, located in different areas of the southwest of the country, in an optimal manner for the auctions announced by the Japanese government.
Iberdrola and GIG are committed to continuing efforts to build strong partnerships in Japan, bringing further Japanese companies into the projects. Acacia has a team experienced in the management of renewable projects and in-depth knowledge of the market, as well as offices in the country; critical conditions for leading the future development of new projects in Japan on its own.