Adenium Energy, Hudson Clean Energy form $300m Japan solar JV

The first 20 megawatt project has secured local financing and was commissioned in May this year. Another 75 MW of projects are under development, a statement said.

"We look forward to working closely with Hudson and aggregating both of our firms' experience and leadership in the sector," said Wassef Sawaf, CEO of Adenium. "Japan is a critical market for Adenium, one in which we aim to continue to drive value for the firm and our investors."

Japan has now become one of the world's largest solar power markets, partly driven by the government''s decision to reduce nuclear capacity in the wake of the 2011 Tohoku earthquake. This has forced the country to seek alternative sources of energy, sparking a solar installation boom buoyed by generous government incentives.

According to Bloomberg, Japan is expected to add more than 11 gigawatts of solar capacity this year, trailing only China's estimated 17.5 gigawatts. As a result, the sector is becoming a draw for private equity investors targeting both upstream and downstream opportunities.

In January last year Equis Funds Group and Partners Group led a $250 million equity investment - since raised to $720 million - in Japan Solar, a dedicated Japanese solar platform operated by Nippon Renewable Energy. Equis subsequently raised $400 million in co-investment capital, to support both Japan Solar and Energon, an India and Southeast Asia wind energy platform, alongside its second fund.

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• Topics
• North Asia
• Cleantech
• Expansion
• Japan
• Cleantech
• Joint Venture
• energy
• Growth capital