Global energy and electricity provider Iberdrola announced an agreement with developer Cosmo Eco Power and engineering firm Hitz to jointly develop the Seihoku-oki project, a 600 MW offshore wind project in Japan’s Aomori prefecture.
The deal marks an expansion of Iberdrola’s presence in the Japanese offshore wind market. In September 2020, the company formed a joint venture with Macquarie’s Green Investment Group (GIG), aiming to co-develop a 3.3 GW portfolio of six fixed bottom and floating offshore wind projects in Japan. Iberdrola also acquired Macquarie’s renewable energy platform, Acacia Renewables, with two wind farms (1.2 GW) under development and four in the pipeline.
The agreement comes as Japan is poised for a significant expansion in offshore wind capacity. In October, Japanese Prime Minister Yoshihide Suga launched a major new sustainability commitment for the country, pledging to achieve carbon neutrality by 2050. The country’s efforts to reach the new target will include major investments in renewable energy and new energy storage technologies, enabling the country to cut its reliance on coal-fired power. In December, the country’s industry ministry set a target to grow offshore wind capacity in the country to 10GW by 2030, and as much as 45 GW by 2040, from only 70 MW today.