Actis has set up a $500m (€453.3m) venture to buy and build onshore wind and solar power generation projects in Japan on behalf of its latest fund.

The global sustainable infrastructure manager, via its Actis Energy 5, has launched Nozomi Energy with a strategy to target 1.1GW of power generation by 2027.

Nozomi will be led by Jose Antonio Millan Ruano, who was most recently president and CEO of Hinode Energy. Before that, he was at Univergy Solar.

Actis said Nozomi has acquired Hergo Japan Energy Corporation as its seed asset. Hergo Japan Energy has a portfolio of operating and development-stage solar and onshore wind projects totalling around 230MW, plus a pipeline of early-stage projects.

Hergo Japan’s CEO, Minoru Saito, will be appointed vice-chairman and head of wind at Nozomi, Actis said.

Jun Ohashi, head of Actis Japan, said: “Japan has challenging but critical emission reduction targets and Nozomi will play an important role in enabling the country to achieve them. Through this well-funded new platform, we want to create another industry leader in renewable power.

”It should have a positive impact both in terms of decarbonisation and by creating local jobs and supporting communities, while still making superior returns for our global investors.”

Tareq Sirhan, the head of energy for North Asia at Actis, said: “At Actis we are more than financial investors. Around the world, we buy, build and operate sustainable and renewable energy projects in support of the energy transition and we intend to bring that long-term approach to North Asia.” 

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