HT Solar, a unit of China-based panel maker Tangshan Haitai New Energy Technology, REIT Co., and Merchant Bankers Co. (MBK) partnered to develop non-FIT solar projects in Japan, the TSE Standard-listed investment company announced on July 22, 2025.
According to the statement, the companies signed a framework agreement under which REIT will identify potential sites, apply for grid interconnections, and present the opportunities to HT Solar and MBK. MBK will acquire projects of interest to HT Solar and hire REIT to complete their development. It will then sell them to HT Solar, which will own and operate the power plants.
REIT and HT Solar, with interim financing support from MBK, plan to develop about 20 projects monthly, each covering about 1,650m2 of abandoned farmland. MBK plans to invest about 100 million yen in the business and expects to generate 30 million yen in profit between August 2025 and October 2026.
Individual project agreements will follow the framework, with the first one targeted for late July 2025.
The deal is part of MBK’s efforts to diversify away from real estate, which currently forms about 90% of its portfolio. REIT was established in June 2024 and initially focused on building residential solar. It is now looking to expand into non-FIT solar, as well as grid-scale battery storage and data center development. Haitai already operates solar projects in China; however, this is its first foray into power generation in Japan.
Correction (August 19, 2025): The previous version of this article incorrectly indicated that the companies will plan to develop about 20 projects annually.
