SMFL Mirai Partners signed an agreement with H.E Energy to build 100 low-voltage solar power plants in Hokkaido totaling about 10MWDC by June 2026, parent company Sumitomo Mitsui Finance and Leasing announced on October 8, 2025.
According to the statement, H.E Energy will handle development and construction and sell the projects to an SMFL Mirai Partners-owned special purpose company. The leasing company’s real estate and energy-focused subsidiary plans to sell the output of the power plants, which will be its first solar assets acquired in the Hokkaido TSO area, through corporate PPAs.
H.E Energy is a Sapporo-based renewable energy development, engineering, procurement, and construction (EPC), and operation and maintenance (O&M) company founded in June 2015 as Hiro Energy and renamed in May 2023. It primarily focuses on solar projects in the Hokkaido and Tohoku TSO areas. In December 2024, it announced a similar arrangement to develop 50 low-voltage assets in the latter region for ENEOS Renewable Energy.
SMFL Mirai Partners has been expanding its renewable portfolio, which includes about 1.7GW of solar as well as a number of wind, biomass, hydro, and geothermal assets. Among other initiatives, it partnered with MIRAIT One and Sun Village to develop 70MW and 11.8MW of solar, respectively, and acquired an undisclosed stake in JDC’s 40MWAC/50.4MWDC Matsushima Donguri Solar Power Plant. The company is also developing multiple grid-scale storage projects.
The deal follows several other tie-ups between major renewable asset owners and developers with the capacity to develop low-voltage portfolios as the solar industry’s focus shifts from large assets to distributed portfolios of small power plants due to land availability and grid connection bottlenecks.
