INCJ-backed Seajacks sets up Japan wind farm unit
Seajacks International, a UK-based offshore energy services provider owned by Japan's Marubeni Corp. and government-backed Innovation Network Corporation of Japan (INCJ), has launched its first Asian subsidiary - Seajacks Japan.
Seajacks Japan, a wholly-owned unit of the company, will conduct sales and marketing activities mainly targeting the offshore wind market in Japan and other Asian countries.
INCJ and Marubeni acquired Seajacks from US investment fund Riverstone Holdings in May last year for around $850 million, each assuming 50% ownership. Riverstone acquired Seajacks for $207 million in December 2009.
The acquisition marked the first full-scale entry by a Japanese enterprise into the offshore wind power installation business utilizing special turbine installation vessels.
"Increasing offshore wind projects combined with the planned backup of governmental support ensures Japan is rapidly attracting focus as one of the next major sources of renewable energy," Seajacks said in a statement. "Combined with the Asian offshore wind market, it is expected to grow to rank with the huge European market in the future."
INCJ has been one of Japan's most active government-backed investors since its launch in 2009 - investing both at home and abroad. INCJ has so far invested around JPY266 billion ($2.7 billion) in 27 private corporations. The same year it acquired half of Seajacks, INCJ also teamed up with a Japanese corporation to lead a $35 million Series E funding round for Transphorm, a US provider of energy-saving devices.
More recently, INCJ has been a target criticism within the Japanese PE community after it bailed out chipmaker Renesas Electronic Corp. to the tune of JPY150 billion last year, frustrating plans by KKR to invest JPY100 billion in the company.
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