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2021.11.01

Pacifico Energy establishes a joint venture company to develop offshore wind projects with a major UK renewables company SSE Renewables

Pacifico Energy K.K. (Head Office: Minato, Tokyo; Representative Director: Hiroki Matsuo, “Pacifico Energy”) is pleased to announce today that it has formed a joint venture company, SSE Pacifico Limited (“SSE Pacifico”) with SSE Renewables International Holdings Limited (“SSE Renewables”), one of the world’s largest offshore wind energy developers and part of the UK-listed SSE Group. SSE Pacifico will be owned 20% by Pacifico and its Affiliates and 80% by SSE Renewables.

Through the creation of SSE Pacifico, we will continue to focus on progressing our 10GW portfolio of early-stage development opportunities and to further drive offshore wind development activities. SSE Renewables is the renewables arm of SSE plc, one of the UK’s leading power companies. SSE Pacifico represents an exciting opportunity for SSE Renewables as it seeks to expand outside of Europe and into international markets, with Japan being its first step given the country’s huge ambitions for offshore wind deployment. SSE Renewables is leading the construction of more offshore wind energy than any other company in the world right now. It is currently constructing the world’s largest offshore wind farm, the 3.6GW Dogger Bank Wind Farm in the North Sea, a joint venture with Equinor and Eni, as well as Scotland’s largest offshore wind farm, the 1.1GW Seagreen Offshore Wind Farm in the Firth of Forth, which is a joint venture with TotalEnergies. It also has the largest offshore wind development pipeline across the UK and Ireland at around 7GW, of which around 1.5GW is already in construction and nearly 800MW is consented. By combining Pacifico Energy’s extensive renewable energy development experience and its proficient and highly dedicated team with SSE’s expertise in developing, constructing and operating offshore wind farms coupled with its balance sheet strength, SSE Pacifico will be well positioned to pursue offshore wind development projects in Japan.

Pacifico Energy has a strong presence in Japan’s renewable energy market with a proven track record of having developed and constructed approximately 1.3GW of solar PV power plants throughout the country, of which 11 power plants or an aggregate capacity of 930MW are now in operation. Pacifico Energy started development activities in offshore wind energy generation in 2017 and has built a pipeline of projects of approximately 10GW. The company is committed to protecting the environment and supporting Japan’s carbon neutrality goal. It supports this commitment with a focus of reaching grid parity for renewable energy and developing renewable energy as a source of stable, long-term, large-scale power that benefitslocal communities.

Baker & McKenzie and KPMG FAS Co., Ltd. acted as the respective legal and financial advisors to Pacifico Energy on this transaction.

About Pacifico Energy
Pacifico Energy, founded in 2012, is one of the largest developers of renewable energy in Japan. The company engages in the entire development process – from initial project considerations through to investment, construction and asset management – and has developed 15 solar power projects in Japan with a total output of approximately 1,300MW.
Pacifico Energy started development activities in offshore wind energy generation in 2017 and has built a pipeline of projects of approximately 10GW. The company is committed to protecting the environment and supporting Japan’s carbon neutrality goal. It supports this commitment through responsible business management aimed at contributing to reaching grid parity for renewable energy and developing renewable energy as a source of stable, long-term, large-scale power that is rooted in and coexists with local communities.

Contact Information in Japan
Pacifico Energy K.K. Public Relations Division
Phone: 03-4540-7830
Email: info@pacificoenergy.jp
Website: https://www.pacificoenergy.jp/en/contact-us/

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