Swedish geothermal-focused Baseload Capital invested an undisclosed amount in developer Furusato Netsuden, the company announced on September 2, 2025. The expansion of the two companies’ partnership aims to tap Japan’s geothermal potential, which is estimated to be the world’s third largest.
“Furusato Netsuden has successfully proven that community-based geothermal development works. Through this first investment, we’re proud and humbled to partner with them in scaling this approach,” said Baseload Capital’s CEO Alexander Helling. The Japanese developer’s Representative Director Kazuyuki Akaishi added that, in addition to capital, the tie-up brings access to technology, expertise, and an international network of investors and partners.
Since its founding in 2012, Furusato Netsuden has been developing community-based geothermal projects across Japan. It commissioned its first asset, the 2MW Waita No. 1 in Oguni Town, Kumamoto, in 2015 and is currently building the 5MW Waita No. 2, which it plans to bring online in March 2026. The company said it has over 30MW of additional projects in its pipeline that it targets to complete over the next five to ten years.
Baseload Capital, through its subsidiary Baseload Power Japan, has been collaborating with Furusato Netsuden since 2020 when it commissioned its first project in the country, a 150kW binary power plant using Waita’s secondary water. The companies also worked together on a 99kW project brought online at Ryokan Sansui in Kumamoto in 2022.
Several major Japanese companies, including NTT Anode Energy, Kansai Electric Power, and Rezil, also previously invested in Furusato Netsuden.
At 23GW, Japan has the third highest estimated geothermal potential after the United States and Indonesia but installed capacity stands at less than 600MW. In the 7th Basic Energy Plan, the country is targeting more than tripling the share of the technology in its generation mix from 0.3% in FY2023 to about 1% to 2% in FY2040.
