Nozomi Energy, a Japan-focused renewables platform established by Actis, has acquired a portfolio of 12 operational solar projects together with a Japanese co-investor, totalling 312MW.
The transaction increases Nozomi Energy’s portfolio to approximately 750MW, of which over 400MW is operational.
Actis said the platform, launched by in May 2023, was on track to achieving its target of a 1.1GW solar, onshore wind and battery energy storage system portfolio by 2027.
The newly acquired portfolio consists entirely of operational solar power plants ranging in size from 1MW to over 60MW.
Nine of the projects are based in Japan’s central and Kanto areas, with the remaining projects in Tohoku, Chubu and Kyushu.
The projects operate under feed-in-tariff contracts that extend until at least 2040, with an average life of more than 17 years.
Jose Antonio Millan Ruano, CEO of Nozomi Energy, said: “We are delighted to have secured a significant and strategic portfolio of high-quality operational solar assets. Such opportunities are scarce, and this acquisition takes us a big step closer to our 1.1GW target for 2027 – accelerating the rapid progress we have made in the 18 months since we launched.
“This transaction also aligns perfectly with our mission to make a meaningful contribution to Japan’s energy transition and its goal to reach net zero by 2050.”
Tareq Sirhan, head of energy for North Asia at Actis, said: “It’s terrific to see Nozomi Energy’s growth trajectory ahead of schedule. One of the priorities in setting up Nozomi Energy was to put in place a high-quality deal-savvy team with a builder-operator mindset, ready to deploy capital and scale a business from scratch to help drive Japan’s energy transition.
“We take pride in what we believe to be our operational and value-creation expertise and are continuously on the lookout for further opportunities in the renewables space, in Japan and Asia more broadly.”
Jun Ohashi, partner and head of Actis Japan, added: “This landmark transaction was achieved thanks to the hard work of the Nozomi Energy team. I am also very happy to see the teams bringing a Japanese co-investor into this transaction, structuring tailored solutions with mutually beneficial outcomes for Actis and Nozomi as well as the investor.”
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