Iberdrola enters Japanese offshore wind market with 3.3GW acquisition

The Spanish energy company plans to develop a 3.3GW offshore wind portfolio in the country

Iberdrola has announced the acquisition of Japanese developer Acacia Renewables and a joint venture with Macquarie’s Green Investment Group (GIG) to develop 3.3GW offshore wind portfolio.

The move comes as the next step of the company’s €10 billion (£9bn) plan to invest in renewable energy.

Acacia Renewables currently has two offshore wind farms under development with a combined capacity of up to 1.2GW, which are expected to be operational by 2028.

It also has four other projects in its pipeline, with a total capacity of 2.1GW.

The deal offers Iberdrola access to a diversified portfolio, located in different areas of the south-west of the country.

Installed offshore wind capacity in Japan currently totals around 70MW and the market is forecast to reach 10GW of installed capacity by 2030.

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