Iberdrola plans a new 600-MW wind project, following the agreement with Cosmo Eco Power and Hitz to jointly develop the Seihoku-oki project in Aomori prefecture, in the northwest of the country.

The Seihoku-oki offshore wind farm will enter round 2 of the capacity auction planned by the Japanese government between this year and 2022. Following the transaction – subject to the usual regulatory approvals – the project will be led by Iberdrola and Cosmo Eco Power, with similar voting rights, together with Hitz.

The deal takes place six months after the acquisition of 100% of Japanese developer Acacia Renewables – which has a 3,300-MW offshore wind pipeline in the south of the country. It is the company’s sixth offshore wind agreement since early 2020.

Japan’s installed offshore wind capacity currently stands at around 70 MW but is set on a strategy to decarbonize its energy mix and promote energy independence. The market is scheduled to reach 30,000-45,000 MW offshore wind installed by 2040, according to the Government-Industry Dialogue Council for Offshore Energy.