Japan’s wind power industry will see a boom in installations similar to an increase in solar capacity in the nation since last year, a lawyer advising domestic and foreign investors said.
Solar and wind have the best chances to expand in Japan’s clean energy market after the government increased subsidies in July, said Arthur Mitchell, senior counselor of White & Case LLP in Tokyo.
“Wind is going to be the next big story,” he said in an interview. “They just don’t want to do bad deals.”
Financing for wind projects has been hampered by difficulties in obtaining enough land for utility-scale turbine farms. The most likely places to site new facilities would be in national parks and offshore, where government permission could unleash large scale construction, Mitchell said.
Japan introduced an incentive program for clean energy in July, which increased the nation’s solar capacity and prompted fresh interest from Softbank Corp. (9984) and Orix Corp. (8591)