GIG to sell 3.3-GW Japanese offshore wind platform to Iberdrola

The Green Investment Group (GIG) has agreed to sell its Tokyo-based renewable energy platform to Iberdrola SA (BME:IBE) and form a joint venture (JV) with the Spanish utility giant to co-develop 3.3 GW of offshore wind in Japan.

GIG, part of Australia’s Macquarie Group Ltd (ASX:MQG), will sell a 100% interest in Acacia Renewables KK, a platform with two offshore wind projects totalling 1.2 GW under development, which could be operational by 2028, and 2.1 GW in the pipeline.

The green infrastructure investor said that three of the six projects in the portfolio will be floating wind schemes.

Acacia’s projects will be developed by the GIG-Iberdrola JV, with the partners holding equal stakes in each of the six.

Going forward, Acacia will develop offshore wind projects, while GIG will be in charge of the platform’s existing onshore wind development business.

The transaction represents Iberdrola’s debut in Japan's emerging offshore wind market and the second JV with GIG. The duo co-owns the 714-MW East Anglia One offshore wind farm off the UK coast.

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