Macquarie’s Green Investment Group (GIG) and Iberdrola have formed a joint venture to co-develop a 3.3-gigawatt portfolio of six offshore wind projects in Japan.
This is the first transaction to be delivered by Macquarie’s GIG platform in Japan and GIG’s second joint venture with Iberdrola. The partners currently co-own the 714-megawatt East Anglia ONE offshore wind farm on the United Kingdom’s Suffolk coast.
As part of the deal, Iberdrola will acquire Macquarie’s renewable energy platform, Acacia Renewables, and take forward the existing offshore wind development pipeline alongside GIG as a joint venture. GIG will hold an equal share in the six projects with Iberdrola, and provide development and commercial advisory services to the portfolio.
Three of the projects will use floating offshore wind foundations, according to Macquarie.
GIG has supported 16 offshore wind projects globally to date, representing almost 5.5 gigawatts of capacity in con