Copenhagen Infrastructure Partners (CIP) and Tokyu Land Corporation (TLC) have formed a partnership to develop the Aomori South offshore wind project in northern Japan.
TLC and CIP's fund Copenhagen Infrastructure have established a new joint venture company, Aomori South Offshore Wind GK, which is developing the site in anticipation of participating in the upcoming auction.
A joint project team is leading the development of the project, drawing on TLC’s strong track record of revitalizing local communities and extensive renewable energy expertise in Japan, and CIP’s strong capabilities in offshore wind development as well as the procurement and financing of large-scale renewable energy projects globally.
Tokyo-headquartered TLC is a leading real estate developer and a core company of Tokyu Fudosan Holdings, which has 23,000 employees and annual revenues of around US$8 billion.
In 2016 Tokyu Land established a dedicated division to develop, construct, and operate renewable energy assets including solar PV, onshore wind, and biomass. Its renewable energy portfolio has a total generation capacity of 1.3 gigawatts and consists of 82 projects, of which 19 are located in Aomori Prefecture.
The Japanese government is targeting 10GW of offshore wind capacity by 2030 and between 30GW and 45 GW by 2040, as part of its target to reach net-zero emissions by 2050.