StockMarketWire.com - Power utility SSE said it had agreed to form a joint venture with Pacifico Energy to pursue offshore wind developments in Japan.

The pact involved the acquisition by SSE of 80% of an offshore wind development platform from the Japanese company for $208 million.

Of the total, $30 million was deferred consideration subject to a number of conditions, SSE said.

Japan had clear offshore wind targets of 10 gigwatts by 2030 and 30-45 gigawatts by 2040 as it seeks to decarbonise and achieve greater energy independence.

The targets are backed by a commitment to run regular offshore wind auctions for support.

The early-stage wind projects targeted by the venture were are expected to use a mixture of fixed and floating technology.

SSE said the two most advanced projects had secured grid access, with advanced local stakeholder engagement already undertaken.

'Today is an exciting next step for SSE Renewables as we enter Japan which has huge ambitions for offshore wind deployment,' division chief executive Jim Smith said.

'And in Pacifico Energy we have found a fantastic local partner with hugely complementary local capabilities, experience and insights that can help bring our expertise in developing, building and operating offshore wind to Japan.'


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