Hinode Energy, a solar development joint venture between Blueleaf Energy and Univergy International, has been dissolved, corporate registry records obtained by Japan Energy Hub show.
According to the records, shareholders resolved on December 19, 2025, to shut down the company and the voluntary liquidation was completed on August 3, 2026. Hinode Energy’s affiliate Hinode JV was dissolved by a resolution passed on the same day and completed the wind-up on April 12, 2026. National Tax Agency data shows 24 special purpose companies (SPCs) named HINODE01 through HINODE26 were also closed, mostly in June 2026.
The two exceptions appear to have switched ownership before the joint venture’s wind-up. HINODE09’s managing member changed from Hinode Energy to REP101 Holdings, a general incorporated association registered at a Tokyo accounting firm, on August 28, 2025, and HINODE08’s to BLE Japan 101, an SPC registered at the same address as Blueleaf Energy Japan, on February 13, 2026.
Neither partner has announced the wind-up, and the joint venture’s website remained active as of September 17, 2026. Japan Energy Hub has reached out to both parties with requests for comment but had not received a response by the time of publication.
Launched in June 2021 as a 50:50 joint venture between Blueleaf Energy, owned by a Macquarie Asset Management-managed fund, and Univergy International, Hinode Energy planned to develop solar assets that would operate under corporate PPAs. Outside the joint venture, Blueleaf Energy has been developing solar power plants and battery storage in Japan, including the 50MWAC/100MWDC Ashibetsu Coal Mine project.
