Niigata-based Daishi Hokuetsu Financial Group and aggregator Sustech signed a memorandum of understanding planning to jointly provide feed-in-tariff (FIT) to feed-in-premium (FIP) conversion with battery co-location services to power plant owners, the companies announced on August 28, 2025.
According to the statement, Daishi Hokuetsu will identify power plants in Niigata and other prefectures that could benefit from a switch to FIP and propose such projects jointly with its partner. Sustech will be in charge of supporting conversions and battery retrofits. It will also aggregate the transitioned projects. The bank will propose suitable financing.
Daishi Hokuetsu has also previously partnered with Sustech to promote the energy technology company’s decarbonization platform CARBONIX, helping it secure over 1,500 contracts. Separately, the bank has provided project finance for renewable projects, including an approximately 900 million yen loan to a Shizen Energy-affiliated special purpose company developing FIT solar plants for a PPA with Niigata-based Bourbon.
In addition to serving as an aggregator using its ELIC platform and offering CARBONIX, Sustech has been active in solar and grid-scale storage development. The company also launched an up to 15 billion yen non-FIT-power plant-focused fund jointly with Tokyu Land.
Daishi Hokuetsu and Sustech’s FIT-to-FIP services partnership was announced just a day after a similar collaboration between Solar Frontier and FPS. Other companies, such as U-POWER, PowerX, and an Omron-Tokyo Century joint venture, have also been increasingly active in the market amid growing interest in such solutions from FIT asset owners seeking ways to prevent declining returns due to increasing curtailment.
