The company acquires local developer Acacia Renewables and enters into a joint venture with Macquarie’s Green Investment Group (GIG) to develop its 3.3 GW offshore wind portfolio.
Access to a diversified portfolio: Acacia has two offshore wind farms (1.2 GW) under development and four in the portfolio, strategically located in different areas of the southwest of the country to access the auctions announced by the Japanese Government
Operation aligned with the group’s strategy: it allows it to advance in geographical diversification -Japan joins new countries such as Australia, Sweden and France- and to position itself in markets with strong potential from its initial stage.
Iberdrola already operates wind turbines in ‘offshore’ wind farms in waters of the United Kingdom and Germany, is working on new developments in the British market, the United States and France, and has a total portfolio in this segment of 15 GW.
Iberdrola is targeting the Japanese market as a new growth platform in renewables, specifically in the field of offshore wind, after reaching an agreement with Macquarie’s Green Investment Group (GIG) for the acquisition of 100% of the Japanese developer Acacia Renewables.
Acacia Renewables currently has two offshore wind farms under development, with a combined power of 1.2 GW, which could be operational in 2028. Additionally, it has four other projects in its portfolio, totaling a capacity of 2.1 GW . Iberdrola will hold a stake equal to that of GIG in these six facilities and both partners will be in charge of developing the projects.
The operation is aligned with Iberdrola’s strategy and allows it to position itself at an initial development stage in the Japanese offshore wind sector, a market that has great growth potential. The agreement gives the company access to a diversified portfolio of projects, located in different areas of the southwest of the country, in an optimal environment for the auctions announced by the Government of Japan.
Iberdrola and GIG are also committed to working to strengthen solid collaborations in Japan, incorporating new local companies into the developments.
Acacia has a team with experience in the management of renewable facilities and a deep knowledge of the market, as well as offices in Japan; key conditions to lead by itself the development of new future projects in the country.
A market with strong growth potential and a favorable environment for investment
The acquisition of this local renewable developer opens up the opportunity for Iberdrola to enter the Japanese offshore wind market, which is currently going through an initial phase and presents great growth potential for the coming decades, as well as a favorable environment for investment.
Installed offshore wind capacity in Japan is currently reduced to around 70 MW, but the country has deployed a strategy to decarbonize its energy mix and promote energy independence. In fact, forecasts suggest that the market will reach 10 GW installed in 2030 and up to 37 GW in 2050 .
A diversification strategy that adds projects to the portfolio
The acquisition of Acacia Renewables is in line with Iberdrola’s strategy of consolidating itself as the world’s largest renewable company, adding new projects to its portfolio, and is in addition to other transactions carried out by the company in recent years in the field of offshore wind .
Operations that have allowed the development of parks in the German Baltic Sea (Wikinger and Baltic Eagle), in the North Sea (East Anglia ONE), Ireland (West of Duddon Sands), the Massachusetts coast (Vineyard Wind), the French (Saint Brieuc) and, more recently, access to 9 GW of capacity in Sweden. Additionally, Iberdrola has a total portfolio of 15 GW in this segment.
The company led by Ignacio Galán stars in its sixth corporate operation so far this year with the acquisition of the Japanese Acacia, despite the challenges derived from COVID-19. Added to the offshore wind transactions in France and Sweden are the acquisition of the French renewable energy company Aalto Power, the agreements to develop 165 MW onshore wind power in Scotland and, more recently, the purchase of Infigen Energy, with which it has been become one of the leading operators in the Australian renewable energy market.
Accelerate investments to drive a green recovery
Iberdrola trusts that electrification will act as a lever for change in the post-COVID world. For this reason, the company has accelerated investments, with the aim of contributing to the reactivation of economic activity and the generation of employment.
This commitment to a green recovery has led the group to commit record investments this year of 10 billion euros in renewable energy, smart grids and large-scale storage systems, after having allocated 100 billion euros to these areas since 2001 throughout the world.
Iberdrola currently operates 32.7 GW renewables globally and has a portfolio of renewable projects of 58 GW.
 Source: Japan Wind Energy Association.