Nozomi Energy completes largest acquisition to date consisting of 12 solar projects with a 312MW capacity

Nozomi Energy, a Japan-focused renewables platform established by Actis in May 2023, has acquired a portfolio of 12 operational solar projects totaling 312MW, increasing its total operational capacity to over 400MW within 18 months. The transaction, Nozomi’s largest to date, brings its portfolio to approximately 750MW, advancing its goal of a 1.1GW solar, wind, and battery energy storage system portfolio by 2027. The newly acquired solar projects, primarily located in Japan’s Kanto region, are modern facilities operating under Feed-In-Tariff contracts extending until at least 2040, ensuring stable cash flows. The acquisition reflects Nozomi’s rapid growth and commitment to Japan’s energy transition and net-zero goals, while also showcasing Actis’ operational expertise and strategic partnerships with Japanese co-investors.
Nozomi Energy completes largest acquisition to date consisting of 12 solar projects with a 312MW capacity

Nozomi Energy completes largest acquisition to date consisting of 12 solar projects with a 312MW capacity

20 December 2024

  • Transaction brings Nozomi Energy’s total installed capacity to over 400MW within 18 months of launch
  • Nine of the 12 projects located in highly populated and economically dynamic Kanto region with strong energy needs
LUXEMBOURG, TOKYO, 20 December 2024: Nozomi Energy, a Japan-focused renewables platform established by global sustainable infrastructure investor Actis, has announced its acquisition of a major portfolio of 12 operational solar projects together with a Japanese co-investor, totalling 312MW.

The transaction significantly increases Nozomi Energy’s portfolio, including assets in operation and under development, to approximately 750MW, of which over 400MW is operational. This means that after 18 months of operation, the platform, launched by Actis in May 2023, is on track to achieving its target of a 1.1GW solar, onshore wind, and battery energy storage system (“BESS”) 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 economically dynamic Kanto areas, with the remaining projects in Tohoku, Chubu and Kyushu. All of these solar power plants benefit from modern designs and began commercial operations in the last two years, with most of them also designed to provide extra high-voltage power to the electricity grid.

These projects operate under Feed-In-Tariff (FIT) contracts that extend until at least 2040, with an average life of more than 17 years. They will provide Nozomi Energy with stable and predictable cash flows.

Nozomi Energy is acquiring the assets and will assume responsibility for both operations & maintenance and asset management services across the portfolio.

The deal highlights the ongoing expansion of the business’ capabilities and service offerings, reinforcing its growing presence in the Japanese market. While this transaction illustrates Nozomi Energy’s continued momentum through inorganic growth, the platform also remains focused on the development of its pipeline of greenfield onshore wind and solar as well as BESS projects.

Jose Antonio Millan Ruano, Chief Executive Officer of Nozomi Energy, commented: “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 look-out for further opportunities in the renewables space, in Japan and Asia more broadly.”

Jun Ohashi, Partner, Head of Actis Japan, added: “This landmark transaction was achieved thanks to the hard work of the Nozomi Energy team but also its synergies with the Actis 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.”

This acquisition follows the news earlier this year that Nozomi Energy had won two BESS projects, each with an initial installed capacity of close to 200MWh, in Japan’s first ever Long-term Decarbonisation Capacity Auction


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Actis
Actis
London, United Kingdom
Actis is a leading global investor in sustainable infrastructure. Actis targets consistent superior returns across asset classes over the long-term, bringing financial and social benefits to investors, consumers and communities. We believe values drive value. Actis is a leading global investor in sustainable infrastructure. We deliver competitive returns for institutional investors and measurable positive impact for countries, cities, and communities in which we operate. Our global experience, operational know-how and strong culture allow us to create global sustainability leaders. We do it at scale. And have been doing so for decades. Since inception, we have raised circa US$25 billion to invest in a better tomorrow. In October 2024, Actis joined forces with General Atlantic, a leading global growth investor, creating a diversified, global investment platform with approximately $87 billion in combined assets under management. Actis operates as General Atlantic’s sustainable infrastructure business. This strategic combination further enhances Actis’ focus as a leader in global sustainable infrastructure.
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