i Grid Solutions and Tokyu Land plan to invest over 20 billion yen in on-site PPA projects through their joint venture TLC VPP LLC between late 2026 and late 2029, adding 200MW of capacity to their joint portfolio, the companies announced on October 20, 2025.
According to the statement, the companies agreed to expand their partnership and accelerate development as they are on track to achieve their target of developing 100MW within three years of TLC VPP’s November 2023 launch.
Tokyu Land has diversified from real estate into renewables in 2014. As of September 2025, it held stakes in over 150 operational and under-development standalone solar, wind, biomass, and small hydro power plants totaling about 2GW. It also owns an approximately 200MW portfolio of over 1,000 rooftop projects. Earlier this year, the company acquired Renewable Japan to further expand its energy business.
i Grid Solutions began offering on-site PPAs to commercial and industrial customers in 2017. Since then, it built solar assets totaling over 300MW at over 1,200 facilities. The company has also partnered with Mitsubishi UFJ Trust and Banking and CPower to scale its business. Recently, it began aggregating surplus output of its power plants and selling it to third parties to maximize the utilization of its assets.
