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Iberdrola is targeting the Japanese market as a new platform for growth in renewable energy, specifically in the field of offshore wind. The company has reached an agreement with Macquarie’s Green Investment Group to acquire 100% of the local developer Acacia Renewables.
 
Acacia Renewables currently has two offshore wind farms under development, with a combined capacity of up to 1.2 GW, which could be operational by 2028. It also has four other projects in its pipeline, with a total capacity of 2.1 GW. Iberdrola will hold an equal share in the six projects alongside GIG, and the partners will develop the portfolio.
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