Joint Venture Agreement Signed for Aomori Northwest (Aomori Seihoku-Oki)

Mar 15, 2021

Hitachi Zosen Corporation (Representative Director, President and Chief Operating Officer: Sadao Mino; hereinafter "Hitachi Zosen") and Cosmo Eco Power Co., Ltd. (President, Representative Director: Masayoshi Noji; hereinafter "Cosmo Eco Power"), a wholly-owned subsidiary of Cosmo Energy Holdings Co., Ltd. (Representative Director, Group CEO: Hiroshi Kiriyama), have signed a joint venture agreement with Acacia Renewables K.K. (hereinafter "Acacia"), a wholly-owned subsidiary of Iberdrola S.A. (Chairman and CEO: Ignacio Galán; hereinafter "Iberdrola"), which is one of the largest wind power producer in the world and the major electric power company in Spain, for Aomori-Seihoku-Oki Offshore Wind Godo Kaisha (hereinafter "Aomori-Seihoku-Oki G.K."). As a result, Cosmo Eco Power has become the largest contributor to Aomorii-Seihoku-Oki G.K. The transaction completion is subject to customary third-party approvals in this type of transactions.

Aomori-Seihoku-Oki G.K. will submit a bid for the planned public offering based on the Act on Promoting the Utilization of Sea Areas for the Development of Marine Renewable Energy Power Generation Facilities1 for the "promising sea area" that has been designated "Sea of Japan offshore Aomori Prefecture (southern side of the prefecture)" with the goal of installing and operating off-shore wind power plants and engage in the wholesale supply of electric power. Aomori-Seihoku-Oki G.K. expects to increase feasibility in offshore wind power business through an alliance with Iberdrola, a company with expertise developed in its many wind power generation projects worldwide.

Hitachi Zosen started its onshore wind power generation business in 2001, and currently operates three wind power farms (four units totaling 8,000kW) in Japan. In addition, the Company started R&D on offshore wind power generation in 2003, and established the "Regional Promotion-Type Aqua Wind Business Research Group" in 2012, which has led to this joint venture company. Thus, the Company has been working for the commercialization in the region. Hitachi Zosen has a number of track record in the design, fabrication, installation, and maintenance of offshore wind substructures and will continue to actively work to realize the offshore wind power business in the region.

Overview of Aomori G.K.

  • Company name: Aomori -Seihoku-Oki Offshore Wind Godo Kaisha
  • Established: April 5, 2019
  • Location: 8-4 Shimizu, Tomiyachicho, Tsugaru-shi, Aomori, Japan
  • Operators: Cosmo Eco Power Co., Ltd., Acacia Renewables K.K., Hitachi Zosen Corporation
  • Representative: Cosmo Eco Power Co., Ltd.
  • Business: Installation and operation of offshore wind power plants in northwest offshore of Aomori prefecture (Aomori Northwest Offshore Wind Farm) and the wholesale supply of electric power

Company profiles

  • Cosmo Eco Power Co., Ltd.

    Since its foundation in 1997, Cosmo Eco Power has been developing and operating wind power plants for more than 20years as the first company dedicated to wind power generation in Japan. It now has wind power plants with a capacity of approximately 260,000 kW. In its offshore wind power business, Cosmo Eco Power is currently participating in and acquiring expertise from the offshore wind projects at the Akita Port and Noshiro Port in Akita Prefecture and plans to develop business in general sea areas such as the project in the area Coastof Yurihonjo City, Akita Prefecture.

  • Acacia Renewables K.K

    A wholly-owned subsidiary of the Iberdrola Group with a 170-year history. It is positioned as a company which dedicates to the renewable energy businesses in Japan. Iberdrola is a global energy leader, the number one producer of wind power(excluding Chinese companies), and one of the world's biggest electricity utilities in terms of market capitalization.,. The company has brought the energy transition forward two decades to combat climate change and provide a clean, reliable and smart business model. l. Iberdrola has a pipeline of offshore wind power projects worldwide exceeding 30 GW.

  • Hitachi Zosen Corporation

    Founded in 1881, Hitachi Zosen has become comprehensive provider of Energy-from-Waste(EfW) plants, water treatment systems, etc. in Environment and Plant business, pressure vessels, marine diesel engines, etc. in Machinery business, and bridges, floodgates, shield tunneling machines in Social Infrastructure business.

    Hitachi Zosen aims to be a solution partner for realizing sustainable and safe & secure society by 2030 contributing to the realization of a sustainable society through our clean energy solutions such as wind power generation, EfW, as well as our new technologies such as renewable gas and hydrogen-related ones. In clean energy area, our Company develops actively EfW plant operations and power producer & supplier (PPS).

  1. *1Act on Promoting the Utilization of Sea Areas for the Development of Marine Renewable Energy Power Generation Facilities