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Stonepeak and Shizen form Asian wind developer

RICHARD HEAP

March 27, 2024

US investor Stonepeak and Japanese developer Shizen Energy have set up TerraWind Renewables to invest in onshore wind projects in the Asia-Pacific region.

Stonepeak is set to own an 80% stake in TerraWind, with Shizen holding the other 20%. Shizen has historically focused on solar projects, but currently has 30MW of development-stage wind projects in Japan and a 300MW pipeline of wind projects in the Asia-Pacific region.

The companies said TerraWind would build on the existing relationship between Stonepeak portfolio company Synera Renewable Energy and Shizen.

Ryan Chua, senior managing director at Stonepeak, said: “With a strong existing business, secured, long-term contracts, and a robust pipeline, we are confident in both TerraWind’s potential and fit as part of our global renewables strategy. We look forward to working with the Shizen Energy team… to bring these opportunities to bear and further the equitable distribution of renewable energy in the region.”

Oliver Senter, executive officer at Shizen, said: “Shizen’s core business since its foundation has been solar PV, which we will continue to promote strongly, however our customers require a variety of solutions to achieve their decarbonization goals, including energy storage, energy management systems, EVs, and also wind power. By focusing on new onshore wind project development, we believe TerraWind will realize many attractive projects for our corporate PPA [power purchase agreement] customers in Asia.”

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