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Mizuho Lease launches acquisition of Japan Infrastructure Fund to strengthen solar assets

Mizuho Lease initiates a takeover bid for Japan Infrastructure Fund, targeting its delisting and a strengthened partnership with Marubeni in solar asset management.

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Mizuho Lease, through its wholly owned subsidiary ML Power and its sub-unit MM Power, has launched a takeover bid for the publicly listed Japan Infrastructure Fund, specialised in photovoltaic assets. The objective is to take control of the fund and delist it. The project also includes acquiring a 49% stake in Japan Infrastructure Fund Advisors, the solar asset management firm, in partnership with trading company Marubeni.

A structured operation through a public offer

The offer was opened on November 7 with the goal of acquiring at least 292,814 units of the fund, representing 66.67% of the capital, at a price of ¥65,000 per unit. This proposal represents a premium of approximately 21% over the previous closing price and 33% compared to the six-month average. If the bid is partially accepted, Mizuho Lease plans to buy out the remaining units through a squeeze-out procedure, in line with standard delisting practices.

Reinforced partnership between Mizuho and Marubeni

As part of the transaction, Mizuho Lease plans to acquire 39% of Japan Infrastructure Fund Advisors from Marubeni, which currently holds 90%. The remaining 10% will be acquired from Mizuho Bank and Mizuho Trust & Banking, 5% each. The aim is to establish a joint venture in which Marubeni will retain a majority 51% stake while sharing operational management with Mizuho Lease.

A 194.9 MW portfolio targeted to reach 1 GW

If the fund acquisition is completed, Mizuho Lease will integrate 194.9 MW of solar capacity across 65 plants. This portfolio will support the group’s strategic goal of reaching 1 GW of installed solar assets by the end of fiscal year 2025. The power plants are located in eight of the nine mainland Japanese regions, excluding Shikoku, with a significant concentration of 38% (73.2 MW) in the Tohoku region.

Asset conversion towards more profitable models

All projects currently operate under Feed-in Tariff (FIT) contracts, with rates ranging from ¥18 to ¥40 per kWh. Mizuho Lease plans to maximise asset value by converting them to the Feed-in Premium (FIP) model, along with technological upgrades including battery storage systems. In parallel, the company intends to improve the performance of Japan Infrastructure Fund Advisors by outsourcing the management of part of its current and future assets to the firm.

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