Case Studies


Sale of a 200 MW Wind Portfolio in Japan

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

GREENTECH’S ROLE

  • Greentech served as a co-advisor to JWD on the transaction
  • Greentech’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

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