Spanish renewable energy giant Iberdrola has added another offshore wind project to its Japanese portfolio as it has agreed with Cosmo Eco Power and Hitz to jointly develop the 600MW Seihoku-oki wind project in Aomori prefecture, in the northwest of the country.
The Seihoku-oki offshore wind farm, under development, will enter round 2 of the capacity auction planned by the Japanese government between this year and 2022. Following the transaction - subject to the usual regulatory approvals - the project will be led by Iberdrola and Cosmo Eco Power, with similar voting rights, together with Hitz, Iberdrola said.
Iberdrola said that the Seihoku-oki deal took place six months after the acquisition of 100% of Japanese developer Acacia Renewables - which has a 3,300-MW offshore wind pipeline in the south of the country. It is the Iberdrola's sixth offshore wind agreement since early 2020.
Acacia Renewables has two offshore wind farms under development, with a combined capacity of 1,200 MW, which could be operational by 2028. It also has four other projects in the pipeline, with a total capacity of 2,100 MW. These six projects will be developed by Iberdrola together with Macquarie's Green Investment Group (GIG).
"This brings Iberdrola's pipeline in the country to 3,900 MW and will be competing in rounds 2, 3, and 4 of the offshore auctions announced by the government. The Japanese offshore wind market is expected to reach 30.000 - 45.000 MW in operation by 2040," Iberdrola said.
Japan's installed offshore wind capacity currently stands at around 70 MW but is expected to reach 45GW of installed offshore wind capacity by 2040.