TRANSACTION OVERVIEW

  • On January 13, 2016, Japan Wind Development Co.,
    Ltd. (“JWD”), a Bain Capital portfolio company, and
    Development Bank of Japan Inc. (“DBJ”) announced
    the formation of the Japan Wind Power Joint Fund Co.,
    Ltd. (the “Fund”) to acquire and jointly manage an
    approximately 200 MW portfolio of operating wind power
    generation facilities owned by JWD and its affiliates
  • JWD will retain responsibility for the operation and
    maintenance of the wind farms
  • The transaction enables JWD to reinvest capital into
    its 500 MW pipeline of wind farms under development
    in Japan

JWD OVERVIEW

  • JWD is a pioneer in Japan’s wind power industry,
    with more than 15 years of experience as a wind farm
    operator and more than 20 years as a developer of
    wind power facilities
  • Bain Capital acquired a majority interest in JWD in 2015
  • Each of JWD’s operating wind power projects benefits
    from long-term fixed electricity prices through Japan’s
    feed-in-tariff regime

DBJ OVERVIEW

  • Founded in 1951 and headquartered in Tokyo, DBJ
    provides financing, investment, and consulting and
    advisory services in Japan and internationally
  • DBJ is a longtime supporter of renewable energy,
    investing in wind, solar and biomass projects in Japan
    and abroad
  • The transaction provides DBJ with the opportunity to
    deploy significant capital at attractive risk-adjusted returns
    alongside a leading company in Japan’s renewable
    energy industry

GCA’S ROLE

  • GCA served as a co-advisor to JWD
    on the transaction
  • GCA’s depth of renewable energy asset
    transaction experience combined with its
    strong market connectivity resulted in a
    highly competitive process
  • Broad participation from strategic buyers
    and financial investors provided JWD with
    multiple strategic options for its platform,
    including potential partnerships for its
    development and O&M businesses

WHAT THE TRANSACTION MEANS
FOR THE RENEWABLE ENERGY
ASSET SECTOR

  • The transaction attracted significant
    interest from a diverse universe of
    buyers, demonstrating the emergence
    of renewable energy infrastructure as a
    standalone, highly investable asset class
  • The formation of the Fund facilitates the
    expansion of wind power in Japan by
    providing JWD with efficient access to
    low-cost capital and creating a precedent
    for other financial institutions interested
    in renewable energy