SSE to expand into Japanese offshore wind market with new joint venture

Energy firm SSE has announced that its renewable energy business is expanding into South East Asia.

SSE Renewables has signed an agreement with Japanese renewable energy developer Pacifico Energy, to create a joint ownership company that will pursue offshore wind energy development projects in Japan.

The creation of the joint ownership company involves the acquisition by SSE Renewables of an 80 per cent interest in an offshore wind development platform from Pacifico Energy and its affiliates for $208m.

The move to enter Japan’s growing offshore wind market is expected to support the further expansion and diversification of SSE Renewables’ longer-term growth pipeline.

Jim Smith, managing director of SSE Renewables, commented: “Today is an exciting next step for SSE Renewables as we enter Japan which has huge ambitions for offshore wind deployment.

“In Pacifico Energy we have found a fantastic local partner with hugely complementary local capabilities, experience and insights that can help bring our expertise in developing, building and operating offshore wind to Japan.

“We want to help realise Japan’s renewables ambitions and be a significant part of their offshore wind plans during the decades ahead, and we’re looking forward to working with the new team, as well as with local communities and other stakeholders to realise the benefits of the offshore wind industry.

“This is an exciting period for SSE as it continues to grow and deliver its low-carbon electricity infrastructure strategy, including a trebling of our renewables output by 2030.”