SSE Renewables, Pacifico set up Japanese offshore wind JV
Offshore wind turbines. Image by: SSE Plc.
SSE Renewables, part of UK energy company SSE Plc (LON:SSE), has entered a joint venture (JV) with renewable energy developer Pacifico Energy to develop offshore wind projects in Japanese waters.
The new entity is called SSE Pacifico, the UK group said on Monday.
As part of the agreement, SSE Renewables will pay USD 208 million (EUR 179.3m) to take an 80% stake in an offshore wind development platform from Pacifico Energy. The amount includes USD 30 million of deferred consideration subject to conditions.
As previously announced, the duo’s plan is to acquire a number of early-stage offshore wind development projects in Japanese waters, expected to use a mix of fixed and floating technology. Its joint 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.
Mike Seaton, currently director of development at SSE Renewables, will become CEO of SSE Pacifico.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.