SSE Renewables has signed an agreement with Pacifico Energy, one of Japan’s largest developers of renewable energy, to create a joint ownership company that will pursue offshore wind energy development projects in Japan. The creation of the joint ownership company involves the acquisition by SSE Renewables of an 80% interest in an offshore wind development platform from Pacifico Energy. The move to enter Japan’s growing offshore wind market will help support the further expansion and diversification of SSE Renewables’ longer-term growth pipeline.Key elements of the transaction include:The creation of a new joint ownership offshore wind company which will drive development activities in Japan.The transfer of up to 20 Japan based employees from Pacifico Energy to the newly created offshore wind company who will be complemented by SSE Renewables employees.Acquisition of a number of early-stage offshore wind development projects geographically spread across Japanese waters, with the potential to progress to deliver multiple GWs. These early-stage projects are expected to use a mixture of fixed and floating technology and are working towards being selected for future auctions.The two most advanced projects have secured grid access and advanced local stakeholder engagement has been undertaken.By combining the significant local preparatory development work undertaken by the experienced Pacifico Energy team with SSE’s expertise in developing, constructing and operating offshore wind farms, and balance sheet strength, the new entity will progress its 10GW portfolio of early stage development opportunities, with the most advanced aiming to enter bid rounds before or in the mid-2020s. The new company will continue to collaborate fully and openly with local communities and authorities and aim to provide best-in-class integration of offshore wind farms with the local environment.