CIP, Tokyu Land set up Japanese offshore wind JV

Offshore wind turbines. Image by: Copenhagen Infrastructure Partners (CIP).

July 14 (Renewables Now) - Danish investment firm Copenhagen Infrastructure Partners P/S (CIP) today said it has formed a joint venture (JV) with Japan’s Tokyu Land Corporation (TYO: 3289) to develop an offshore wind project in Japanese waters.

The partnership between CIP’s Copenhagen Infrastructure IV K/S (CI IV) fund and the Japanese real estate investment firm concerns the Aomori South project, off Aomori prefecture in northern Japan.

The new entity, dubbed Aomori South Offshore Wind GK, is already developing the site and hopes to take part in an upcoming auction for offshore wind turbine capacity.

The joint development team will bet on Tokyu Land’s experience in the Japanese renewable energy market, where it is developing 1,329 MW of projects. CIP, meanwhile, will contribute its track record in offshore wind development and the procurement and financing of large-scale renewable energy projects.

The Japanese government has set a goal for the country to have 10 GW of installed offshore wind capacity by 2030, which is then set to rise to 30 GW-45 GW by 2040.

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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