US-based solar and battery developer Pacifico Energy is selling Pacifico Energy K.K., its USD 1bn-plus Japanese renewables platform, according to three sources.

Bank of America, which is advising on the process, launched the sale in late September and plans to collect first round bids before the end of this year, one of the sources said.

The Tokyo-based company, which has 77 employees, is involved in development, engineering, construction supervision, asset management and power trading related to solar PV and battery storage, according to a marketing document seen by Infralogic.

The company owns 10 operational solar PV projects, which generate 317 MW, as well as a 50 project, 6.2 GW development pipeline, the document adds. It also has 4 MW of operational battery assets, plus a 2 GW pipeline of battery assets under development.

The company’s offshore wind development unit, SSE Pacifico, will be carved out and excluded from the process, the document says. SSE Pacifico was jointly established in 2021 with British energy firm SSE Renewables.

Founded in 2012, Pacifico Energy K.K. is part of California-headquartered Pacifico Energy Group, an investment holding company with more than 1.5 GW of renewables projects across the US, Japan, South Korea, and Vietnam.

Pacifico Energy K.K. is held 66.7% by Pacifico Energy AM Holdings L.P. and 33.3% by president and CEO Hiroki Matsuo, following a shareholder change in 2022.

Bank of America declined to comment. Pacifico Energy K.K. did not respond to requests for comment.