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Renewables developer Pattern Energy Group LP has closed financing of a USD-515-million (EUR 425m) fund that will invest in wind and solar power projects in Japan.

The fund, called Green Power Renewable No 1 Investment LP, will be managed by Pattern’s affiliate in Japan, Green Power Investment Corporation (GPI). The latter is also one of the largest investors in the fund, while the Development Bank of Japan Inc acts as the anchor investor.

The new entity will invest in two solar projects, namely Futtsu Solar and Kanagi Solar, and in three wind assets, including the largest operating wind farm in Japan — the 122-MW Tsugaru Wind power facility. The other two are Ohorayama Wind and Otsuki Wind.

All five plants were developed, built and are currently owned and operated by GPI. The Tokyo-based company has over 2.4 GW of wind capacity in its development portfolio, including 1 GW with feed-in tariff (FiT) certifications.

“This pioneering new fund will help us expand our growth in Japan through partnering with these major Japanese institutions on some exciting new onshore and offshore wind projects,” said Mike Garland, CEO of Pattern Energy.

Pattern Energy has seven renewable energy plants in Japan, including five operational facilities and two under construction, with a combined capacity of 432 MW, it noted.