Freshfields advises SSE plc on its offshore wind energy joint ownership company in Japan
Freshfields Bruckhaus Deringer (‘Freshfields’) has advised SSE Renewables, a leading developer, owner and operator of renewable energy, on an agreement with Pacifico Energy, one of Japan’s largest developers of renewable energy, to create a joint ownership company that will pursue offshore wind energy development projects in Japan. Japan has offshore wind targets of 10GW by 2030 and 30-45GW by 2040 as it seeks to decarbonise and achieve greater energy independence.
The strategic transaction includes the acquisition by SSE Renewables of an 80 per cent ownership interest in an offshore wind development platform from Pacifico Energy for $208m of which $30m is deferred consideration subject to several conditions.
SSE Renewables, part of FTSE-listed SSE plc, has the largest offshore wind pipeline across the UK and Ireland at 7GW and is currently leading the construction of offshore wind projects worldwide. The move to enter Japan’s growing offshore wind market will help support the further expansion and diversification of SSE Renewables’ longer-term growth pipeline.
The Freshfields team was led by partners Nick Jones, David Mendel, Helen Buchanan and Peter Clements in London, partners Takeshi Nakao, Kaori Yamada and senior counsel Tomoko Nakajima in Tokyo, and partner Thomas Ng in Hong Kong.