Pattern Energy Group LP, a renewable energy and transmission infrastructure company, has agreed to sell its directly owned Japanese assets and 100% of its interest in its affiliate in Japan, Green Power Investment Corp. (GPI), to NTT Anode Energy Corp. and Jera Co. Inc.
The transaction is expected to close by the end of 2023, following the necessary regulatory review process in Japan. Terms of the transaction were not disclosed.
The sale concludes an investment into the Japanese renewable market and partnership between Pattern and GPI. Pattern’s directly owned assets include Sumita Tono Wind, Ishikari Offshore Wind and Storage, and Fukaura Wind.
Since Pattern acquired majority ownership in 2015, GPI has grown into one of Japan’s largest independent renewable platforms, employing a team of more than 200 professionals with extensive experience in renewable energy operations. GPI owns and operates six renewable energy facilities totaling 337 MW and two projects under construction totaling 192 MW, including the largest combined offshore wind and storage project in Japan.
“As the Japanese market continues to evolve, we saw the need for more of a local force, with deep connections, to partner with GPI and drive the business forward,” says Hunter Armistead, CEO of Pattern Energy Group. “NTT Anode and Jera are ideal partners for GPI that can continue to build upon the strong foundation we’ve worked together to establish.”