Copenhagen Infrastructure Partners (CIP), a Danish investment company, has partnered with real estate developer Tokyu Land Corporation (TLC) to develop offshore wind projects in northern Japan. To co-develop the Aomori South offshore wind project, the partners have formed a joint venture firm Aomori South Offshore Wind GK, which is developing the site in preparation for an upcoming offshore wind auction in Japan.
The joint project team will drive the development of the Aomori South project, combining TLC’s knowledge of renewable energy in Japan with CIP’s capabilities in offshore wind development and the procurement and financing of large-scale renewable energy projects. Furthermore, CIP formed a collaboration with TLC on behalf of its Copenhagen Infrastructure IV K/S fund (CI IV).
Also, the upcoming offshore wind auctions are part of the Japanese government’s efforts to grow offshore wind power installed capacity to 10 GW by 2030 and 30 GW-45 GW by 2040, with the aim of getting net-zero emissions by 2050. The government set these targets in 2020 at the second meeting of the Council for Government-Industry Dialogue for Offshore Wind in Japan.
REGlobal’s Views: With its ambitious offshore wind targets and competitive bidding based project allocation mechanism, Japan is expected to be a key market in the offshore wind space in the coming years. Thus, major investors and developers are now entering this emerging market.
