New York-based investment firm Stonepeak has acquired a majority stake in TerraWind Renewables, joining Shizen Energy to develop onshore wind projects in the Asia-Pacific region.

Stonepeak will have an 80% interest in the onshore wind energy platform, with Japan-based Shizen retaining the remaining 20% interest in the company, according to a March 25 news release. Currently, the onshore wind platform has 30 megawatts (MW) of assets in late-stage development in Japan and a pipeline of more than 300 MW across the Asia-Pacific region.

Ryan Chua, senior managing director at Stonepeak, said the need for renewable energy in Asia is increasing as energy transition efforts accelerate.

“TerraWind will seek to address that growing demand through the strategic expansion of Shizen Energy’s onshore wind portfolio,” said Chua. “With a strong existing business, secured, long-term contracts and a robust pipeline, we are confident in both TerraWind’s potential and fit as part of our global renewables strategy.”

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