ICG, the global alternative asset manager, announced Wednesday that its Asia-Pacific Infrastructure strategy (ICG APAC Infra) has entered into a strategic partnership with Hanwha Energy Corporation Japan (HECJ) to collaborate on energy transition and infrastructure opportunities in Japan.
ICG and HECJ will work together to explore, invest in, and develop renewable energy, energy transition and digital infrastructure projects in one of the world’s largest electricity markets, ICG said in a statement.
It is noted that Japan is a key market for ICG APAC Infra, underpinned by strong structural demand for decarbonization solutions and significant long-term investment opportunities across solar, battery energy storage systems (BESS) and digital infrastructure.
The partnership builds on ICG’s existing presence in Japan, including its investments in Voltaiyo, a solar platform, and Ray8, a BESS platform.
It is expected to enhance ICG’s growth pipelines and thereby increase access to attractive off-market opportunities, serving as an additional channel for growth.
The partnership will jointly identify and progress opportunities across renewable energy, energy transition and related infrastructure sectors, including solar and battery storage assets, with a view to supporting Japan’s transition to a lower-carbon economy.
HECJ is the Japanese integrated renewable energy platform of Hanwha Group, Korea’s fifth largest conglomerate, a global renewables player with a 17.8GW development track record across the United States, Europe and APAC.
“Japan represents a core market for our APAC Infrastructure strategy, with attractive long-term fundamentals driven by the energy transition,
“Partnering with Hanwha Energy Corporation Japan strengthens our local origination capabilities and provides access to a high-quality pipeline of opportunities,” Devarshi Das, Head of ICG Asia-Pacific Infrastructure, said:
Hoonjong Choi, President of Hanwha Energy Corporation Japan, added that building on their development expertise in Japan, ICG’s global investment platform will enable HECJ to broaden its pipeline and strengthen its capabilities in support of Japan’s energy transition.