Iberdrola, Macquarie Enter Offshore Wind JV in Japan

Inti Landauro and Isla Binnie

September 17, 2020

Illustration;  Fokke - AdobeStock

Illustration; Fokke – AdobeStock

Iberdrola has bought Japan-based renewables developer Acacia and signed a joint venture deal with Macquarie’s Green Investment Group to develop an offshore wind farm portfolio, the Spanish energy company said on Thursday.

Iberdrola and its new partner will develop offshore wind projects with a capacity of 3.3 gigawatts, the Spanish company said in a statement.

The acquisition is part of the 10 billion euros ($11.8 billion) Iberdrola plans to invest this year in renewable energy, smart electric grids and systems to store electricity, the company said.

Iberdrola did not disclose how much it had paid for Acacia. 

($1 = 0.8503 euros) 

(Reporting by Inti Landauro and Isla Binnie; Editing by Jason Neely and Jan Harvey)