Sustainable infrastructure investor Actis announced today the launch of a new $500 million Japan-focused renewables platform, Nozomi Energy, with targets to achieve 1.1GW of onshore wind and solar power generation by 2027.

The launch of the platform was announced alongside Nozomi’s first investment, acquiring 100% of Hergo Japan Energy Corporation, including 230 MW of operating and development stage solar and onshore wind projects and a significant early-stage pipeline, from renewable energy developer Infrastrutture S.p.A.

The new platform comes as Japan looks to rapidly grow its renewable energy capacity. In July 2021, the government revealed details of its energy strategy, which included plans to roughly double the share of renewable energy to 36%-38% of the energy mix by 2030, compared to less than 20%. Japan has committed to reach net zero emissions by 2050, with an interim 2030 goal to reduce greenhouse gas emissions by 46% by 2030.

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.”

Actis announced a significant expansion into Asia in March 2022, with the establishment of its Japan office, and key hires including Ohashi as well as Tareq Sirhan as Head of Energy in North Asia.

Sirhan 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.”

Nozomi will be led by Jose Antonio Millan Ruano, who joins the firm after serving as President and CEO of Tokyo-based solar project developer Hinode Energy.

Ruano said:

“This is a fantastic opportunity to build and operate a scaled renewable energy platform that can significantly advance Japan’s net zero ambitions. We have onboarded a highly talented team and made an exciting first investment with more to come.”