Danish investment firm Copenhagen Infrastructure Partners (CIP) has partnered with real estate developer Tokyu Land Corporation (TLC) to develop offshore wind projects in northern Japan.
The partners have formed a joint venture company to co-develop the Aomori South offshore wind project.
Named Aomori South Offshore Wind GK, the JV is developing the site to participate in an upcoming offshore wind auction in Japan.
The Aomori South project’s development is being led by a joint project team, which will combine 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.
In a statement, CIP said that shareholders and the project team are working in ‘close collaboration’ with local stakeholders and communities to provide ‘substantial’ benefits for both local and regional economies.
The upcoming offshore wind auctions are part of the Japanese Government’s efforts to increase the country’s offshore wind power installed capacity to 10GW by 2030 and 30GW-45GW by 2040 to achieve 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.
CIP created its partnership with TLC on behalf of its fund Copenhagen Infrastructure IV K/S (CI IV).
The investment firm currently manages ten funds and has so far raised nearly €18bn for investments in energy and associated infrastructure from more than 120 international institutional investors.
CIP aims to have €100bn under management in green energy investments by the end of this decade.
Based in Tokyo, TLC has a 1.3GW renewable portfolio containing 82 projects, 19 of which are located in Japan’s Aomori Prefecture.
The company’s renewable energy division was founded in 2016 and develops, builds and operates solar photovoltaic (PV), onshore wind and biomass assets among others.