- Press Releases
September 29 (Renewables Now) - SSE Renewables is entering the Japanese offshore wind market in a tie-up with local renewable energy developer Pacifico Energy.
The division of UK renewables and networks-focused energy company SSE Plc (LON:SSE) said today the duo will create a joint ownership company. SSE Renewables will pay USD 208 million (EUR 178m) to take an 80% stake in an offshore wind development platform from Pacifico Energy and its affiliates. The amount includes USD 30 million of deferred consideration subject to conditions.
The deal involves the acquisition of a number of early-stage offshore wind development projects in Japanese waters, expected to use a mix of fixed and floating technology.
The new company will work to progress its 10-GW portfolio of early stage development opportunities, aiming to submit the most advanced projects in bid rounds before or in the mid-2020s.
Japan is an attractive market for offshore wind majors with its targets of 10 GW offshore wind by 2030 and 30 GW-45 GW by 2040. The country plans to hold regular offshore wind auctions for support.
SSE Renewables said its entry into the Japanese offshore wind market will contribute to expanding and diversifying its longer-term growth pipeline. SSE Renewables is also seeking to develop offshore wind projects in other foreign markets, including Spain, Portugal, Denmark and Poland. The business boasts the largest offshore wind pipeline in the UK and Ireland at 7 GW.
(USD 1 = EUR 0.856)