SSE Renewables closes agreement to form Japanese offshore wind company01 Nov 2021
SSE Renewables has closed the agreement to form a new joint ownership company, SSE Pacifico, which will pursue the development of offshore wind projects in Japan. The deal includes the acquisition by SSE Renewables of an 80% interest in an offshore wind development platform from Pacifico Energy. The total consideration at closing is $US208million of which $US30million is deferred consideration subject to a number of conditions.
SSE Renewables has also confirmed that Mike Seaton, currently Director of Development, will take up the role of CEO of SSE Pacifico, working alongside Executive Vice President and COO Dai Karasawa who joins from Pacifico Energy.
By combining the significant local preparatory development work undertaken by the experienced Pacifico Energy team with SSE’s expertise in developing, constructing and operating offshore wind farms, and balance sheet strength, SSE-Pacifico will progress its 10GW portfolio of early stage development opportunities, with the most advanced aiming to enter bid rounds before or in the mid-2020s. The new company will continue to collaborate fully and openly with local communities and authorities and aim to provide best-in-class integration of offshore wind farms with the local environment.
The SSE group has a clear strategy to create value for shareholders and society in a sustainable way by developing, building, operating, and investing in the electricity infrastructure and businesses needed in the transition to net zero. Its strategic focus is on renewables and regulated electricity networks, businesses which have strong, net zero-aligned growth potential with common skills and capabilities in the development, construction, procurement, financing, and operation of world-class, highly technical electricity assets. The other businesses retained in the SSE group are highly complementary to this low-carbon core.