ICG Asia-Pacific Infrastructure partners with Obton for its Japan renewable energy business

We are thrilled to be partnering with Obton to support Obton Japan in its efforts to become a leader in the Japanese solar market, says Head of ICG Asia-Pacific Infrastructure Devarshi Das

The transaction marks the APAC Infra team’s entry into the Japanese renewables market
Obton Japan has a growth target of over 1,000MW solar projects

ICG, the global alternative asset manager, today announced that its Asia-Pacific Infrastructure team has signed an agreement to partner with Obton A/S (“Obton”), a leading global renewables company headquartered in Denmark, to support its Japanese renewable energy business (“Obton Japan” or “the Company”).

ICG will work closely with the Company’s experienced management team to capitalise on market opportunities in the region. Obton Japan seeks to acquire brownfield and greenfield solar assets with strong potential for asset optimization, leveraging the management team’s track record established since its market entry into Japan in 2021.

Obton Japan is an active player in the Japanese market and currently owns and operates a portfolio of more than 500MW. Obton Japan is targeting over 1,000MW of installed solar capacity within the next five years. The energy transition in Japan is bolstered by strong private sector demand for clean energy, clear policy frameworks, and increasing decarbonisation commitments. Renewables are projected to represent 50% of Japan’s electricity mix by fiscal year 2040, more than double the 2023 renewables of 22.9%^[1].

This transaction constitutes the APAC Infra team’s third renewables platform partnership in the region since 2023, following prior investments in Revent Energy and Ampin Energy Transition.

Devarshi Das, Head of ICG Asia-Pacific Infrastructure, said:

We are thrilled to be partnering with Obton to support Obton Japan in its efforts to become a leader in the Japanese solar market. With a highly experienced management team and strong tailwinds thanks to private sector demand for clean energy, Obton Japan is well positioned to secure attractive growth opportunities. The Company has witnessed impressive growth to date, and we look forward to working collaboratively to execute on plans for further growth.

Sandra Grauers Nilsson, CEO of Obton A/S, said:

The partnership with ICG presents an exciting opportunity for Obton to expand its market presence in Japan’s rapidly growing solar industry. With Japan’s significant demand for renewable electricity, there’s substantial potential for our investments in solar projects. Together, we have set ambitious targets and look forward to achieving them in collaboration with ICG. With shared values and a common vision for the Japanese market, we believe ICG is the ideal partner for this next phase of growth.

King & Spalding and Nishimura & Asahi served as legal counsels to ICG.

– Ends –

For further information please contact:

Clare Glynn
Head of Corporate Communications
+44 20 3545 1395
[email protected]

Maisie Le Masurier
Corporate Communications
+44 20 3545 1624
[email protected]

About ICG

ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 35 years’ history, managing $107bn of assets* and investing across the capital structure.

We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society.

ICG is a member of the FTSE 100 and listed on the London Stock Exchange (ticker symbol: ICG). Further details are available at www.icgam.com. You can follow ICG on LinkedIn and Instagram.

*Past performance is not a reliable indicator of future results; as at 31 December 2024.

About Obton

Obton – founded in 2008 – is a prominent player in the development and acquisition of solar PV and BESS projects, primarily across Europe as well as in the APAC region. Obton’s strategic approach encompasses involvement in both develop-to-own and develop-to-sell initiatives.

Obton has – on behalf of its investors – around 2.1 GW under management, representing an asset value of around EUR 4 billion and employing 260 people in 8 offices located in Europe and Japan.

1. Japan Ministry of Economy Trade and Industry