Baker & McKenzie (Gaikokuho Joint Enterprise) advised Pacifico Energy, one of Japan's largest renewable energy developers, on an agreement with SSE Renewables, one of the world's largest offshore wind energy developers, on the formation of a jointly owned company that will pursue offshore wind energy development projects in Japan. The creation of this jointly owned company, SSE Pacifico K.K. (“SSE Pacifico”), involved the acquisition by SSE Renewables of an 80% interest in an offshore wind development platform from Pacifico Energy and its affiliates for USD 208 million. The acquisition was completed and became effective on October 29, 2021.
The Japanese government has set a target of installing 30-45 GW of offshore wind power by 2040 as part of its plan to achieve carbon neutrality by 2050. SSE Pacifico will collaborate fully and openly with local communities and authorities to provide best-in-class integration of offshore wind farms with local environments.
Gavin Raftery and Kiyoshi Endo led Baker McKenzie's team on the transaction, assisted primarily by associates Byron Frost, Daniel Burkhart, Junya Suzuki and Daichi Kiriyama, among many others.
Commenting on the deal, Gavin said, "We are honored to have played a part in this milestone transaction. The synergies that will be achieved by uniting Pacifico Energy's unparalleled local capabilities with SSE Renewables' world-leading expertise will be invaluable to Japan as it races to meet its goal of carbon neutrality by 2050. We look forward to creating a sustainable society together."