Iberdrola dived deeper into Japanese offshore wind with a deal to enter a 600MW project that will compete in the next round of auctions planned by the Asian nation.
The Spain-based global renewables giant will co-develop the Seihoku-oki project with local developer Cosmo Eco Power and engineering group Hitachi Zosen, said a statement. Cosmo Eco Power is a unit of Japan's Cosmo Energy, the country's third-largest oil retailer.
The agreement adds to a September 2020 deal to buy 100% of Acacia Renewables and its 3.3GW Japanese offshore wind portfolio.
Seihoku-oki is planned for a fixed-foundation site off Japan’s northern Aomori prefecture, and will enter the Round 2 auction process set to be held in 2021/22 under the Japanese government’s newly-launched offshore wind programme.
Iberdrola’s participation in the project will be at a similar level to Cosmo Eco Power, said a spokesperson for the Spanish group.
Japan is aiming to move from a standing start to have 10GW of wind in the water by 2030, with a goal for between 30GW and 45GW by 2040 that is due to make a big contribution to its 2050 net zero ambitions.
Iberdrola said the latest Japanese venture was part of its push towards “leading the offshore wind market” and brings its total profile in the sector to 1.3GW in operation, 2.6GW under construction and a 19GW pipeline.
As well as Japan, Iberdrola’s recent forays into new offshore wind markets include plans in Sweden, Poland, Ireland and its home market Spain, with ambitions to enter the Danish sector in conjunction with Total.
The Spanish group already has major offshore wind projects underway in the UK, France, Germany and the US.
Iberdrola is far from the only foreign player attracted to the potential of Japan, with the likes of Orsted, RWE, CIP and Equinor all looking to build positions there in conjunction with local partners.
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