SSE Renewables has signed an agreement with Pacifico Energy, one of Japan’s largest developers of renewable energy, to create a joint ownership company that will pursue offshore wind energy development projects in Japan.

The creation of the joint ownership company involves the acquisition by SSE Renewables of a majority interest in an offshore wind development platform from Pacifico Energy. The move to enter Japan’s growing offshore wind market will help support the further expansion and diversification of SSE Renewables’ longer-term growth pipeline.

Japan has clear offshore wind targets of 10GW by 2030 and 30-45GW by 2040 as the country seeks to decarbonise and achieve greater energy independence. The targets are backed by a commitment to run regular offshore wind auctions for support. The new company also pledges to continue to collaborate fully and openly with local communities to provide best-in-class integration of offshore wind farms with the local environment.

Jim Smith, MD of SSE Renewables, said: “Today is an exciting next step for SSE Renewables as we enter Japan which has huge ambitions for offshore wind deployment. And in Pacifico Energy we have found a fantastic local partner with hugely complementary local capabilities, experience and insights that can help bring our expertise in developing, building and operating offshore wind to this market. We want to help realise Japan’s renewables ambitions and be a significant part of their offshore wind plans during the decades ahead, and we’re looking forward to working with the new team, as well as with local communities and other stakeholders to realise the benefits of the offshore wind industry. This is an exciting period for SSE as it continues to grow and deliver its low-carbon electricity infrastructure strategy, including a trebling of our renewables output by 2030.”

Rothschild & Co. and Freshfields Bruckhaus Deringer LLP acted as respective financial and legal advisors on the transaction.　

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