Macquarie to form infra JV with Japan's Maeda

The venture - to be launched by the end of the year - will initially focus on Japanese solar power projects in response to the country's growing demand for clean energy in the wake of the Fukushima nuclear disaster.

According to a release, the joint venture intends to set up separate special-purpose vehicles for each project in order to raise financing from lenders. By the end of 2016, it hopes to have exposure to projects worth a combined JPY100 billion ($1.02 billion) with a total generation capacity of around 300 megawatts.

As the joint venture matures, Macquarie and Maeda will also seek infrastructure investments in areas such as wind power, toll roads and airports.

Japan wants to reduce its dependence on nuclear energy by introducing feed-in tariffs. According to the Ministry of Economy, Trade & Industry, in the 12 months to June 30, the country added nearly 3,700 MW of capacity from renewable sources.

Tokyo-based Maeda is already active in Japan's renewable sector, developing projects including the Yasuoka Offshore Wind Farm in Shimonoseki and Goyozan Solar Power Generation Project in Ofunato.

Macquarie is not the only investor to tap into Japan's rush to renewables. In May, Goldman Sachs revealed plans to invest as much as JPY50 billion in renewable energy projects over the next five years through its Japan renewable energy unit.

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