US infrastructure investor Stonepeak and Japanese renewable energy company Shizen Energy have formed a JV named TerraWind Renewables.
Stonepeak will own an 80% stake in the new onshore wind energy platform while Shizen Energy will hold the remaining 20% stake.
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TerraWind Renewables will concentrate its efforts on Japan and the broader Asia-Pacific region.
Established in 2011, Shizen Energy is dedicated to the development, financing and management of renewable energy power plants.
Its wind power segment has a decade of experience under a management team with a track record of developing and constructing onshore wind assets.
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The onshore wind platform possesses 30MW of late-stage development assets in Japan and 300MW of pipeline projects across the Asia-Pacific region.
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By GlobalDataStonepeak senior managing director Ryan Chua stated: “As the need for renewable and reliable energy in Asia continues to grow, we have seen energy transition efforts accelerate across the region. TerraWind will seek to address that growing demand through the strategic expansion of Shizen Energy’s onshore wind portfolio.
“With a strong existing business, secured, long-term contracts and a robust pipeline, we are confident in both TerraWind’s potential and fit as part of our global renewables strategy. We look forward to working with the Shizen Energy team – with whom we have a strong existing relationship through our existing portfolio company, Synera Renewable Energy – to bring these opportunities to bear and further the equitable distribution of renewable energy in the region.”
Shizen Energy investment and strategy executive officer Oliver Senter stated: “We are excited to close this new partnership for onshore wind with Stonepeak, which builds on our existing relationship with Stonepeak’s portfolio company Synera Renewable Energy, a leading Taiwanese offshore wind developer, with whom we have partnered since 2021.
“Shizen’s core business since its foundation has been solar PV [photovoltaic], which we will continue to promote strongly; however, our customers require a variety of solutions to achieve their decarbonisation goals, including energy storage, energy management systems, electric vehicles and wind power.
“By focusing on new onshore wind project development, we believe TerraWind will realise many attractive projects for our corporate power purchase agreement customers in Asia.”
Stonepeak recently completed a transaction with Danish energy group Ørsted in which Stonepeak acquired an equity stake in a 957MW US onshore wind farm portfolio.
The portfolio comprises four wind farms in Illinois, Texas and Kansas.
February 2024 saw Stonepeak enter an agreement with US utility Dominion Energy to purchase a 50% non-controlling interest in the Coastal Virginia Offshore Wind project (CVOW).
Dominion Energy will maintain full operational control over the construction and operations of CVOW, with Stonepeak receiving customary minority interest rights.
