Actis launches $500m Japan renewables platform

The platform, known as Nozomi Energy, is targeting 1.1 gigawatts in capacity by 2027 with a focus on solar and onshore wind power. Actis is making the investment from its fifth energy infrastructure fund, which has USD 6bn of investable capital, according to a statement.

The Nozomi team will be led by Jose Antonio Millan Ruano, who has 20 years of experience in renewable energy, including more than 11 years in Japan. He most recently served as president and CEO of Hinode Energy, a Japan-based solar joint venture between Macquarie Asset Management-owned Blueleaf Energy and Univergy International. Ruano will execute a buy-and-build strategy.

Hergo Japan Energy has been bought from Italy-headquartered Infrastrutture S.p.A. In addition to the operating and development projects, the company has a significant pipeline of early-stage assets. Three active projects are listed on its website, all three are solar power plants. Hergo Japan Energy CEO Minoru Saito will become vice chairman and head of wind at Nozomi.

Actis said that its “deployment of renewables technologies in Japan and North Asia will be a key enabler in the region’s energy transition, supporting a shift to a low-carbon economy and meeting Japan’s national climate targets.” Japan has committed to reduce greenhouse gas emissions by 46% from 2013 levels, by 2030.

The firm, which describes itself as a sustainable infrastructure investor, typically addresses the Asian market by establishing buy-and-build platforms. It secured a bumper exit last year with the sale of Sprng Energy, a 2.9 GW portfolio of India-based solar and wind assets, to Shell for USD 1.55bn. Sprng was the successor to Ostro Energy, which was offloaded to ReNew Power Ventures in 2018.

Actis has several other platforms across the region. Last year, the firm launched Bridgin Power to invest in gas-fired power projects across Southeast Asia. It was followed by Levanta Renewables, which also has a Southeast Asia remit but with Vietnam as the anchor market.

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• Topics
• North Asia
• Infrastructure
• Infrastructure
• Cleantech
• Buyouts
• Actis Capital
• renewable energy
• Japan