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TOKYO, July 31, 2020 - (JCN Newswire) - Mitsubishi Heavy Industries (MHI) and Copenhagen Infrastructure Partners (CIP) are pleased to announce a joint venture regarding the development of offshore wind projects in Hokkaido, Japan.
The joint venture is jointly owned by MHI (50%) and CIP (50%), and a team with experts from both owners will be established.
The partners have high ambitions to be significant parties in the Japan offshore wind market which is expected to experience significant growth. The partnership will jointly develop projects in Hokkaido, where conditions are attractive for offshore wind.
MHI has established a significant presence within offshore wind via the joint venture MHI Vestas Offshore Wind, which has successfully delivered turbines in Europe and expanding its business to emerging markets in the Asia Pacific. As part of its growth strategy, focusing on the entire value chain of the offshore wind power business, MHI has agreed with CIP to participate in the Japan offshore wind market.
CIP is a leading global fund management company within renewable infrastructure investments established in 2012, having seven funds with approximately EUR 10 billion under management, investing in offshore wind, onshore wind, power transmission, biomass, "waste to energy" and solar projects. CIP entered the Japanese market in 2018, with the ambition to contribute to Japan's delivery on the renewable energy target.
"MHI's partnership with CIP, a company with extensive experience in offshore wind projects in the world, is a very meaningful starting point for MHI's offshore wind generation business, which is one of our growth strategies. MHI is excited to develop the offshore wind generation business through a partnership with CIP and by leveraging MHI's long experience in the wind turbine OEM business and onshore wind generation business in Japan and overseas", says Kentaro Hosomi, President and CEO, Energy Systems, Mitsubishi Heavy Industries.
"We are excited to announce the partnership with MHI for the joint development in the Hokkaido area. This is an ideal partnership combining the expertise of the partners. MHI brings innovative technical solutions and extensive local knowledge where CIP brings global state of the art offshore wind development and investment experience to the partnership", says Michael Hannibal, Partner in Copenhagen Infrastructure Partners.
About Copenhagen Infrastructure Partners
Copenhagen Infrastructure Partners P/S is a Danish fund management company specialized in investing in the renewable energy infrastructure sector. The company was established in 2012 and is today a global leader, market pioneer and the largest financial sponsor with a dedicated energy infrastructure focus. CIP has approximately 110 employees and offices in Copenhagen, New York, London, Utrecht and Tokyo.
CIP has seven funds with around EUR 10bn in commitment under management. The funds have currently made 20 investments in large scale energy infrastructure assets totaling almost 8GW in capacity across the US, the UK, Germany, Spain, and Taiwan. In addition, more than 15 greenfield energy infrastructure projects are in process to reach final investment decision and start of construction within the next 2-3 years. Investors in the funds include several blue-chip institutional investors from the Nordics, Continental Europe, the UK, Israel, Taiwan, Korea, Australia, and multi-lateral organizations e.g. EIB. The investors in CIP's funds comprise mainly pension and life companies and large family offices.
Topic: Press release summary
Source: Mitsubishi Heavy Industries, Ltd.
Sectors: Energy, Alternatives
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