BRUC Capital and Macquarie Capital have signed a framework agreement for an investment programme with IBC SOLAR to acquire up to 37 MW of photovoltaic solar projects in Japan.
The investment for the potential pipeline of 27 assets is estimated to be up to €90 million (US$100.8 million) with the portfolio to be developed over a 2-3 year period.
The agreement is BRUC Capital’s first investment and also includes preferential rights for BRUC and Macquarie Capital to acquire IBC SOLAR’s broader pipeline of solar projects in Japan for the next three years, estimated at up to 165MW in additional capacity.
Juan Béjar, President of BRUC, said:
"The agreement is a considerable step forward for BRUC Management and its investment focus in the renewable energy sector on a global scale."
Daniel Wong, Head of Macquarie Capital Europe said:
"We are pleased to have partnered with BRUC on their first investment in the renewable energy space. This portfolio represents a good example of European renewables expertise and capital flowing into Asia and demonstrates Macquarie Capital’s ongoing support of new platforms in the green energy sector."
Japan is the world’s third largest solar power market, after Germany and China. Its total installed capacity at the end of 2015 reached 34 gigawatts (GW) accounting for 3.5 per cent of the annual power demand.