Infrastructure managers have walked away from Pacifico Energy’s sale of its onshore Japanese platform, according to two sources familiar.

KKR and Macquarie, which had expressed interest, are no longer bidding, the sources said. KKR was interested but was put off by the price, both sources added.

Danish manager Copenhagen Infrastructure Partners (CIP) walked away owing to a gap in valuation expectations, sources told Infralogic this May.

Pacifico originally hoped to sell the Japanese portfolio for around JPY 100bn (USD 678m), but is open to lowering the price since reviving the deal in May. The process stalled earlier this year after initial bids missed expectations.

Pacifico will now entertain offers above JPY 30bn, said one of the sources and a third source familiar. The drastically lower price reflects Pacifico’s overly optimistic initial view of the value of its pipeline, sources said.

International funds and Japanese corporations are still interested and the sale is continuing, one of the sources said.

Bank of America aims to wrap up due diligence and receive final offers by September, the same source said.

In Japan, Pacifico has 317 MW of operational solar capacity and a 6.2 GW development pipeline, as well as 4 MW of operating battery assets.

California-based Pacifico also has development pipelines in Vietnam and South Korea. It marketed a larger Asian portfolio sale at the start of this year but dropped the plan and focused instead on the Japanese business.

Bank of America, KKR and Macquarie declined to comment. Pacifico Energy did not respond to requests for comment.