Nozomi Energy has announced its largest acquisition to date [1], consisting of 12 operational solar projects with a combined capacity of 312 MW. Nozomi Energy is a Japan-focused renewable energy platform established by Actis. This acquisition brings Nozomi Energy’s total installed capacity to over 400 MW within 18 months of its launch.
This progress positions the platform, launched by Actis in May 2023, on track to reach its goal of a 1.1 GW portfolio of solar, onshore wind, and battery energy storage systems (BESS) by 2027. The acquired portfolio comprises operational solar power plants ranging in size from 1 MW to over 60 MW.
Nine of the 12 projects are located in the economically dynamic Kanto region, known for its strong energy needs. The remaining projects are situated in the Tohoku, Chubu, and Kyushu regions. All these solar power plants feature modern designs and began commercial operations within the last two years.
The newly acquired portfolio will provide Nozomi Energy with stable and predictable cash flows, as the projects operate under Feed-In-Tariff (FIT) contracts that extend until at least 2040. Nozomi Energy will assume responsibility for operations, maintenance, and asset management services for these projects.
Jose Antonio Millan Ruano, CEO of Nozomi Energy, stated that this acquisition brings them closer to their target of achieving a 1.1 GW portfolio by 2027, aligning with Japan’s goal to reach net zero by 2050.
This acquisition demonstrates the ongoing expansion of Nozomi Energy’s capabilities and service offerings, strengthening its presence in the Japanese market. While the transaction showcases the platform’s growth through acquisitions, Nozomi Energy remains committed to developing its greenfield pipeline of onshore wind, solar, and BESS projects.
Tareq Sirhan, Head of Energy for North Asia at Actis, praised Nozomi Energy’s growth trajectory, noting that the platform was set up with a deal-savvy team prepared to scale the business and drive Japan’s energy transition. He emphasized Actis’s operational and value-creation expertise and their continuous search for opportunities in the renewables sector in Japan and across Asia.
Jun Ohashi, Partner and Head of Actis Japan highlighted the successful collaboration between Nozomi Energy and Actis teams and the inclusion of a Japanese co-investor in this transaction. He commended the tailored solutions provided, which benefited all parties involved.
Earlier this year, Nozomi Energy won two BESS projects, each with an initial capacity of nearly 200 MWh, in Japan’s first Long-term Decarbonisation Capacity Auction.
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[1] Nozomi Energy completes largest acquisition to date
