SPAIN, JAPAN OFFSHORE WIND
RENEWABLES NOW - March 17 - Spanish utility group Iberdrola SA (BME:IBE) has signed a joint-venture (JV) agreement with Cosmo Eco Power Co Ltd, a subsidiary of Cosmo Energy Holdings Co Ltd (TYO:5021), and Hitachi Zosen Corp (TYO:7004) to co-develop the 600-MW Seihoku-oki offshore wind project in Japan.
The agreement will bring the partners together under the umbrella of Aomori-Seihoku-Oki Offshore Wind Godo Kaisha, an LLC-type of company shepherding the project. Cosmo Eco Power will become the vehicle’s largest contributor, according to a press release issued by Cosmo Energy.
Aomori-Seihoku-Oki GK was established in April 2019 and has Cosmo Eco Power as the representative, the release reads.
Hitachi Zosen, an industrial major also known as Hitz, confirmed separately that it has now joined the partnership as the agreement signatory.
Iberdrola was represented in the agreement by Acacia Renewables KK, its new 100%-owned offshore wind platform in Japan.
The transaction is subject to customary third-party approvals.
The Seihoku-oki site is located off the coast of the Aomori prefecture. The JV partners intend to bring the 600-MW project to the 2021/2022 offshore wind auction round two in Japan.
For Iberdrola, the latest deal comes six months after it arrived in the Japanese market with the acquisition of Acacia Renewables KK from the Green Investment Group (GIG). Acacia is packed with 3.3 GW of offshore wind projects -- two projects totalling 1.2 GW under development and four with 2.1 GW combined in the pipeline.
Iberdrola is looking to take Acacia’s projects to the auction rounds three and four, which are expected to take place in 2023/2024, the Spanish company said in a separate statement.
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