Mitsubishi Heavy Industries (MHI) and Copenhagen Infrastructure Partners (CIP) have launched a 50-50 joint venture focused on the development of offshore wind projects in Hokkaido, Japan.
MHI rooted itself in the offshore wind market through its joint venture MHI Vestas Offshore Wind, which has delivered turbines in Europe and is expanding its business to emerging markets in Asia Pacific. CIP, with €10 billion ($11 billion) in assets under management, invests in offshore wind, onshore wind, power transmission, biomass, waste-to-energy, and solar projects. CIP entered the Japanese market in 2018.
The partners are looking to establish themselves in the Japan offshore wind market, which is expected to experience significant growth. The JV is targeting development projects in Hokkaido, where conditions are attractive for offshore wind.
