J-POWER and PHOTON sign contract for solar power plants in Japan

Strategic partnership to develop solar power plants in the Hokkaido, Tohoku and Chugoku regions
J-POWER et PHOTON signent un contrat pour des centrales solaires au Japon.

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Electric Power Development Co, Ltd (J-POWER) and PHOTON Sustainable PV Investment Limited Partnership have signed an aggregation contract for solar power plants, marking their second major collaboration in this field.

Project introduction

J-POWER has signed a service aggregation contract for electricity from solar production with PHOTON Sustainable PV Investment Limited Partnership, managed by PHOTON CAPITAL LLC. This contract follows a similar agreement signed in November 2023, and is part of a Virtual Power Purchase Agreement (PPA) signed in May 2024 with a major Japanese manufacturer. The solar power plants concerned will be developed on unused land in the Hokkaido, Tohoku and Chugoku regions, with a total capacity of 20 MW DC. J-POWER will be responsible for managing the electricity generated, including production forecasting, balancing planned and actual volumes, and energy trading.

J-POWER strategy and outlook

For over 70 years, J-POWER has been developing and operating a variety of renewable energy power plants, including hydroelectric, wind, geothermal and biomass. With the second largest market share in Japan for hydroelectric and wind generation, J-POWER continues to expand its renewable energy aggregation initiatives. This collaboration with PHOTON builds on a solid track record of developing and operating power plants, with a view to strengthening the growth of renewable energies in the country. PHOTON, since the creation of its fund in 2021, has focused on developing and investing in new non-FIT power generation projects, aimed at realizing various PPA arrangements. Their aim is to promote virtual APP in Japan’s industrial sector, providing non-fossil fuel added value. Despite an increasingly complex environment for the development of solar photovoltaic power plants, PHOTON remains determined to contribute to the expansion of renewable energy in Japan.

Project impact and financing

The current project benefits from a non-recourse financing agreement signed with ORIX Bank Corporation, which guarantees a solid financial base for the construction of the solar power plants. By working with like-minded partners, PHOTON aims to become a leading player in Japan’s solar production sector. This aggregation contract with J-POWER represents a significant step forward in PHOTON’s strategy to create solid, high-quality projects, while contributing to the growth of renewable energies in Japan. Both companies are committed to strengthening the supply of renewable energies, which is crucial to the country’s energy transition.

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