Nozomi Energy: Our aims and principles
Welcome to the Nozomi Energy blog, a forum we hope to use to discuss all aspects of renewable power here in Japan.
We will try to keep our posts relatively short, pithy and regular – and we encourage your feedback. Please email us at info@nozomi-energy.com with questions and comments.
Since this is our first post, let me lay out my thoughts on several topics and principles that I hope will be of interest – many of which we will return to in the future.
First, the market. Japan is a highly developed country with a wonderfully rich and sophisticated culture and one of the world’s most educated workforces. On a personal note, it has been a privilege for my family and myself to live here for the past 12 years. I came with a 7-day plane ticket in July 2012. Stayed for a month. And shortly afterwards returned for good. Since then, I have overseen dozens of projects, worth over 2.5GW of generation.
Japan is no newcomer to renewable energy – we all see the solar panels dotted throughout its landscape. Having said that, I believe there are many things that the government and local operators, investors and lenders could learn by introducing best practices from overseas, especially from Europe, and by having an open dialogue with internationally experienced executives – like the team we have put together at Nozomi Energy.
When it comes to this new platform, our goals are very clear. We are targeting 1.1GW of generation by 2027, through a mix of solar and onshore wind, as well as developing battery storage projects. We are seeking greenfield and brownfield developments and are open to acquiring portfolios of already operational assets, such as Hergo Energy, which was our first deal.
Most importantly, we are moving fast. After starting just over a year ago, in May 2023, we have already built a portfolio of more than 600MW projects in various stages of development I honestly cannot think of any other renewables developer in this country that has achieved so much so quickly.
One reason we CAN move rapidly is that we are fully funded, to the tune of US$500m by our parent company Actis, a seasoned investor in sustainable infrastructure across growth markets. That means we can focus on building our team and identifying worthwhile assets without having to worry about fund raising.
The reason we WANT to move rapidly is that we sincerely believe we can make a meaningful contribution to Japan’s decarbonization by quickly scaling Nozomi. This country has a growing demand for clean power but is not blessed with many natural resources. It does, however, have sun and it does have wind. Helping to accelerate its energy transition is a mission we take very seriously.
Another way we believe we can help is through our relentless focus on sustainability and impact investing. These are concepts at the heart of how Actis itself operates around the world. And they are embedded in our own investment process. That means we pay attention not only to financial metrics but also to how our projects affect local communities, how they can create jobs, revitalize local areas and teach the next generation. One testament to this is that we have just hired an experienced Head of Sustainability for Nozomi.
But more on that in a future post. For now, let me welcome you again to this blog and encourage you to engage in an exchange of ideas. I look forward to hearing from you.
