Driving Japan’s wind transformation, from early mover to national renewables leader

Origination

Founded in Tokyo, Japan Wind Development (JWD) is one of the country’s leading independent developers and operators of wind energy. In 2015, Bain Capital identified JWD as a compelling opportunity as Japan sought to diversify its energy mix following the 2011 Fukushima disaster. With strong policy support for renewables and limited wind development activity at the time, Bain Capital saw the potential to help JWD become the national platform for driving the energy transition.

Opportunity and investment

Our Private Equity team partnered with JWD’s founder in 2015 to take the company private through a management buyout. The team recognized a growing demand for renewable energy and an undervalued company with significant untapped potential.

Following the acquisition, Bain Capital restructured JWD into an asset-light developer with a disciplined capital recycling model. An augmented leadership team brought senior talent from across the energy sector, and the company reinvested proceeds from project sales to expand its development pipeline. In 2021, our Double Impact business coinvested to ensure long-term continuity and support as the business scaled further across Japan’s wind energy landscape.

Value creation

Under our ownership, JWD evolved into Japan’s leading independent wind power developer and operator. The company expanded its national footprint, strengthened its operational capabilities, and positioned itself as a key player in Japan’s shift toward renewable energy. We supported the company’s transformation through active governance, disciplined portfolio management, and targeted growth initiatives. The firm also took decisive action in 2023 to safeguard operational stability and preserve lender confidence amid a governance challenge.

Exit

In early 2024, Bain Capital completed the sale of JWD to INFRONEER Holdings Inc., a leading Japanese infrastructure group, resulting in exceptional returns for investors. The combination of INFRONEER’s engineering capabilities and JWD’s development expertise created a strong foundation for continued leadership in Japan’s renewable energy sector.

“We’re proud to have supported Japan Wind Development’s journey to become a clear leader in the development, operation, and maintenance of critical onshore and offshore wind projects in Japan. The company’s progress and innovation signify a notable step by Japan in its transition to build a more sustainable future, and we’re confident that INFRONEER is the best partner to continue this important work.”

Yuji Sugimoto / Partner / Bain Capital

“We are confident that by complementing and leveraging each other's capabilities and strengths in the wind power generation business, we will become a unique group that can comprehensively develop the renewable energy business in an integrated manner. In the wind power generation market, which is expected to expand further in the future, we will grow together as a leader in the realization of carbon neutrality.”¹These endorsements are provided by certain CEOs and or founders of investments held by certain investment vehicles advised by Bain Capital affiliate investment advisers. None of these CEOs and or founders were directly compensated for providing these endorsements, however, the funds have made investments into such CEOs and or founders’ companies. As a result of this investment, a conflict of interest exists because the CEOs and or founders have an incentive to make positive statements about Bain Capital and their experiences with Bain Capital to maintain the goodwill with Bain Capital.

Kazunari Kibe / Representative Executive Officer and President / INFRONEER Holdings Capital