Macquarie, Maeda to Set Up Clean Energy Venture in JapanChisaki Watanabe
Macquarie Capital and Maeda Corp. plan to set up a joint venture by year end to develop clean energy and transport infrastructure businesses.
The venture will first focus on large-scale solar projects in Japan, Macquarie said in a statement. The partners intend to expand it to include wind power generation and road and airport concessions.
They are targeting 300 megawatts of generation capacity and investment of 100 billion yen ($1 billion) in renewable energy businesses in the first three years, according to the statement. For each project, the partners will set up a special purpose company and raise financing from lenders.
The companies are hoping to take advantage of Japan’s renewable energy subsidies introduced in 2012, and infrastructure projects related to rebuilding after the 2011 earthquake and tsunami and for the 2020 Tokyo Olympic Games, according to the statement.
Maeda is a general contractor based in Tokyo that’s developing wind and solar projects. Macquarie Capital is a unit of the Sydney-based Macquarie Group.