Otsuka Holdings established a special purpose company (SPC) jointly with Sojitz to develop 25MWAC of low-voltage solar power plants and signed a virtual PPA with the vehicle, the companies announced on August 28, 2026.
According to the statements, the SPC will build the small-scale distributed plants on unutilized land, sell their output in the wholesale market, and deliver all of the associated non-fossil certificates (NFCs) to Otsuka Holdings. The assets are expected to be commissioned sequentially between August 2026 and February 2029, with the portfolio generating an estimated 51GWh annually once fully operational.
The pharmaceutical company targets sourcing 20% of its power from “self-created” renewables by 2028. It said the virtual PPA is expected to add 5.6 percentage points to the ratio based on its 2025 consumption data. Otsuka Holdings also owns onsite generation facilities and disclosed a 1MW physical PPA with JERA Cross in February 2026.
Sojitz shifted its solar development strategy from large-scale projects to low-voltage power plants in recent years and targets developing 3,000 such assets by FY2026. It previously signed PPAs for distributed portfolios with companies such as JR West and Osaka Titanium Technologies.
The deal follows other similar agreements in which large-scale offtakers have taken equity stakes in SPCs developing assets for their own PPAs such as between MUJI retail store operator Ryohin Keikaku and JERA Cross, Nomura Real Estate Development and Clean Energy Connect, and Yanmar and SMFL Mirai Partners.
